HA NOI – In a bid to lower domestic gold prices, the Saigon Jewellery Company (SJC), the national gold trademark, will supply 13 tonnes of gold from credit organisations and gold trade enterprises to the local market.
The plan was announced by the State Bank of Viet Nam yesterday, and will see the SJC begin processing the gold today before selling it with the official SJC trademark.
The decision, proposed by banks and gold companies, was issued when the domestic gold price exceeded VND47 million (US$2,200) per tael, about VND2.3-2.5 million ($110-119) higher than the world price.
The gap between world and domestic prices was said to be affected by crowd psychology and misleading data.
Deputy Director of State Bank branch in HCM City Nguyen Hoang Minh said the new batch of SJC approved gold would be launched to the market soon to meet consumer demand. It's expected to pull the domestic gold price down to the level of world prices.
"The State Bank will continue following developments in the gold market and take suitable measures to make the market stable. People need to keep calm when participating in selling and buying gold to avoid losses," said Minh.
The State Bank has recently allowed credit organisations, who were facing difficulties related to gold liquidity, to borrow gold for their business operations. – VNS