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The State Bank of Vietnam has just announced the direct selling price of gold bars on June 4, 2024, at VND 77.98 million per tael, a decrease of VND 1 million per tael compared to yesterday.
SBV also said that it would continue to narrow the gap between the domestic SJC gold bar selling price and the world price.
Immediately after the SBV announced the gold bar selling price on June 4, the banks officially announced that the SJC gold selling price today is VND 78.98 million per tael, down VND 1 million per tael compared to yesterday, and VND 1 million per tael higher than the selling price announced by the SBV.
Previously, yesterday (June 3), the state-owned commercial banks (Vietcombank, BIDV, Vietinbank, and Agribank) and SJC Company officially sold gold to stabilize the price for the people at the same selling price of VND 79.98 million per tael, which is VND 1 million per tael higher than the selling price announced by the SBV.
After the SBV announced the direct gold sale to the 4 banks, the gold price has continuously decreased deeply in recent days. Currently, the gold bar selling price at major gold shops has decreased to the same level as the selling price of SJC Company and the 4 state-owned commercial banks.
In the context of complicated developments in the world gold market, the domestic gold price has fluctuated strongly, increased rapidly, and the gap with the international price has widened. To stabilize the gold market, the State Bank of Vietnam (SBV) has implemented a plan to sell gold directly to 4 state-owned commercial banks and Saigon Jewelry Company Limited (SJC) so that these banks can sell gold directly to the people from June 3.
Based on the gold bar buying price from the State Bank, the state-owned commercial banks and SJC Company will determine and announce the SJC gold bar selling price on the websites of the state-owned commercial banks and SJC Company and at the above gold selling locations.
SJC Company and the banks emphasized that the gold sale is to ensure the implementation of the government’s and the State Bank of Vietnam’s policy of stabilizing the gold market, not for profit purposes.
Regarding the gold purchase procedure, buyers bring their personal documents as prescribed to the above gold selling locations for direct transactions, make payments in cash or by transfer, and receive gold immediately. The electronic invoice will be provided to the gold buyer.
The state-owned commercial banks only sell SJC gold bars to individual customers and do not buy SJC gold bars from customers, while SJC Company conducts all SJC gold bar buying and selling transactions.
Currently, the 4 banks and SJC Company have announced a list of 36 gold selling locations in 11 provinces and cities.
