Central bank pegs gold bullion at over $3,000

June 04, 2024 - 14:01

The gold bar price falls VNĐ1 million from the previous day. A tael equals 37.5 grammes or 1.2 ounces.

The four banks and SJC are solely authorised to purchase SJC gold bars from the central bank and sell to the public. — Photo vietnamplus.vn

HÀ NỘI — SJC-branded gold bullion is sold at VNĐ77.98 million (US$3,069) per tael on June 4 as approved by the Governor of the State Bank of Vietnam (SBV).

The gold bar price falls VNĐ1 million from the previous day. A tael equals 37.5 grammes or 1.2 ounces.

On June 3, the four state-owned lenders of Agribank, BIDV, VietinBank and Vietcombank, and Saigon Jewellery Company Limited (SJC) bought gold from the central bank for VNĐ78.98 million per tael, and sold it to the market at VNĐ79.98 million.

Economists have advised local residents to stay prudent as gold price could fall in the coming time due to the SBV’s drastic measures to narrow the gap between domestic and global gold prices.

Earlier, the SBV said the four banks and SJC are solely authorised to purchase SJC gold bars from the central bank and sell to the public. This strategic move aims to promote market stability and ensure a balanced gold market.

At 10am on June 4, SJC gold prices are quoted at VNĐ77.98 million per tael for sellers and VNĐ79.98 million for buyers. — VNS

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This strategic move aims to promote market stability and ensure a balanced gold market, rather than pursue profit motives.

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Over the past month, the gold market has been the talk of the town. Domestic gold prices have kept hitting new peaks, leading to a surge in trading activities. Gold bullion, gold rings, and gold jewellery have been the central focus for traders during this period. Experts have pointed out several factors causing the surges in gold prices, and the government has stepped in to try to untangle the situation.

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According to SBV’s data, as of May 24, it sold a total of 48,500 taels of SJC gold with the winning bid price of VNĐ81.3-89.4 million per tael. It meant the estimated amount of money the SBV earned from the gold sales was about VNĐ4.2 trillion.

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