**As of 3:30 p.m.**, SJC gold price continued to rise compared to noon, with an additional increase of 300 thousand VND/tael.
At Saigon Jewelry Company, the SJC gold price stood at 86.3-88.8 million VND/tael, up 300 thousand VND/tael in both buying and selling prices compared to noon, and thus up 1.8 million VND/tael in the buying price and 800 thousand VND/tael compared to the beginning of the morning.
Meanwhile, gold ring prices continued to fall sharply and dropped below the 76 million VND/tael mark at some brands. For example, DOJI listed prices at 74.6-75.95 million VND/tael, while Bao Tin Minh Chau listed prices at 74.68-76.08 million VND/tael.
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**Update as of 11:15 a.m.**, SJC gold price unexpectedly reversed course and surged after a free fall earlier this morning. The increase was about 500 thousand to 1.5 million VND/tael.
Specifically, Saigon Jewelry Company increased the buying price by 1.5 million VND/tael and the selling price by 500 thousand VND/tael, listing prices at 86.0-88.5 million VND/tael. DOJI also raised its prices by 500 thousand VND/tael to 84.5-87.5 million VND/tael.
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On May 30, SJC gold price suddenly plunged, with a drop of up to 4 million VND/tael. This level of fluctuation is rarely seen in recent times.
Specifically, at 8:45 a.m. at Saigon Jewelry Company, the SJC gold price stood at only 84.5-88.0 million VND/tael, down 3.8 million VND/tael in the buying price and 2.3 million VND/tael in the selling price compared to the end of yesterday. Previously, on May 29, the SJC gold price had already dropped by 600 thousand VND/tael.
The price of 24K gold rings also fell sharply compared to the end of yesterday. At 8:45 a.m. at Saigon Jewelry Company, the gold ring price was at 74.7-76.25 million VND/tael, down about 400 thousand VND/tael from yesterday. DOJI also decreased by 300 thousand VND/tael to 75.05-76.45 million VND/tael, while Bao Tin Minh Chau decreased by 200 thousand VND/tael to 75.2-76.6 million VND/tael.
SJC gold price plunges
As previously reported, yesterday (May 29), the State Bank of Vietnam (SBV) unexpectedly announced a new plan to stabilize the gold market. Specifically, starting next Monday (June 3, 2024), the SBV will sell gold directly to four state-owned commercial banks (Agribank, VietinBank, Vietcombank, and BIDV) at a price determined by the SBV based on world gold prices. These banks, with their extensive networks, have prepared the necessary conditions to organize the direct sale of gold to people with a demand for it.
Previously, the SBV had announced that it would stop gold bar auctions after nine auctions, supplying 48,500 taels of SJC gold bars, equivalent to 1.8 tons of gold, to the market. The gap between the domestic SJC gold bar price and the world gold price remains high, indicating that, in addition to market factors such as supply and demand, there may be illegal, manipulative, and price-fixing behaviors that cause instability in the gold market.
In the international market, the gold price is currently at $2,333/ounce, equivalent to about 72 million VND/tael (excluding taxes and fees), with a gap of about 16 million VND/tael compared to the domestic SJC gold price.
