Update as of 2:30 PM: BIDV, Agribank, Vietcombank, and VietinBank have officially announced their selling price of SJC gold to individual customers at VND 79.98 million per tael. The banks are only selling and not buying gold from the public. Thus, the banks’ selling price to the public is only VND 1 million per tael higher than the buying price from the State Bank of Vietnam.
Gold businesses have also unanimously adjusted the price of SJC gold below the VND 80 million per tael mark. Specifically, SJC Company listed the price at VND 77.98-79.98 million per tael, while DOJI reduced its price to VND 77.95-79.95 million per tael, and Bao Tin Minh Chau applied a price range of VND 78.00-79.98 million per tael.
Not only the Big 4 banks and SJC Company but other gold businesses have also significantly lowered their SJC gold prices below VND 80 million per tael. Photo: SJC gold price at Bao Tin Minh Chau
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At noon on June 3, the State Bank of Vietnam officially announced the stabilization gold selling price for June 3 at VND 78.9 million per tael. Based on the gold bar buying price from the State Bank, banks and SJC Company will determine and announce the gold bar selling price to the public on their websites and at their gold selling points.
In the market, the buying price of SJC gold by enterprises is popular at around VND 79 million per tael, and the selling price is about VND 81 million per tael.
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Update as of 9:15 AM: The price of SJC gold continued to fall deeper to VND 79-81 million per tael, the lowest in the past three months.
Thus, even when the four banks have not yet sold gold to the public, the price difference between SJC gold and international gold has narrowed significantly, to about VND 7.5-9.5 million per tael if calculated according to the USD exchange rate at the bank, and only about VND 6.5-8.5 million per tael if calculated according to the free-market USD exchange rate. Meanwhile, according to some experts, the acceptable difference is about VND 4-5 million per tael, as it is necessary to consider taxes and fees.
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At the opening of June 3, at 9:00 AM, the price of SJC gold dropped sharply by VND 1 million per tael in both buying and selling prices. At Saigon Jewelry Company, SJC gold is being traded at VND 80-82 million per tael. Similarly, DOJI also decreased by VND 1 million per tael, listing the price of SJC gold at VND 79.95-81.70 million per tael.
The price of gold rings also plummeted at the beginning of the morning session, decreasing by about VND 300-500 thousand per tael compared to the end of the previous week. Accordingly, the selling price of this type of gold in the market is only about VND 75.5 million per tael. Specifically, Bao Tin Minh Chau listed the price at VND 74.23-75.63 million per tael, while DOJI applied a price range of VND 74.05-75.55 million per tael, and Saigon Jewelry Company listed the price at VND 73.8-75.4 million per tael.
In the previous week, the price of SJC gold had decreased by about VND 7.5 million per tael in both buying and selling prices, which was the strongest weekly decrease since the beginning of the year. Just after one week, gold buyers could face a loss of more than VND 10 million per tael.
The market is witnessing an unprecedented sharp decline in SJC gold prices.
In the international market, gold prices tend to move horizontally, currently at $2,330 per ounce, equivalent to about VND 71.5 million per tael when converted according to the current VND/USD exchange rate (excluding taxes and fees). The difference with the SJC gold price narrowed to VND 9.5-11.5 million per tael.
