The State Bank of Vietnam (SBV) announced the direct selling price of gold bullion on June 10 for four state-owned commercial banks comprising Vietnam Bank for Agriculture and Rural Development (Agribank), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) and Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and Saigon Jewelry Company at VND75.98 million (US$2,987) per tael.
Thus, the direct selling price of SJC-branded gold bullion by the State Bank of Vietnam on June 10 remained unchanged for the recent two consecutive sessions.
The five units that have been authorized to sell SJC gold mentioned above announced sales of gold bullion at VND76.98 million (US$3,026) per tael on June 10.
During the previous four sessions of selling gold bullion to stabilize the market, the price of SJC gold bullion decreased by VND4 million (US$157) per tael. Domestic gold trading private enterprises have also kept the price unchanged.
At 11:30 a.m. on June 10, SJC listed gold bullion at VND74.98 million (US$2,943) per tael for buying and VND76.98 million (US$3,026) per tael for selling. At the same time, the gold prices for selling and buying stood at VND77.48 million (US$3,041) and VND76.98 million (US$3,026) per tael, listed by Phu Nhuan Jewelry Joint Stock Company (PNJ) and Doji Group.
Meanwhile, Bao Tin Minh Chau and Phu Quy Gemstone Jewelry Company listed gold prices at VND75.5 million (US$2,963) per tael for buying and VND76.98 million (US$3,026) per tael for selling. Mi Hong gold trading private enterprise listed gold prices on June 10 at VND76 million (US$2,983) per tael for buying and VND76.98 million (US$3,026) per tael for selling.
In the global gold market, the spot gold price on the Kitco exchange platform at 11:30 a.m. on June 10 (Vietnam time) was listed at US$2,294.9 an ounce. The currency conversion rate to Vietnamese dong was equal to approximately VND70.45 million per tael, approximately VND6.53 million (US$257) per tael lower than SJC-branded gold price.
After the first week of selling stabilized gold, four state-owned commercial banks opened additional selling points to meet the huge demand of individual customers.
Mrs. Nguyen Thi Phuong, Deputy General Director of Agribank indicated that the bank will open five more gold bullion selling points at branches and transaction offices in the capital city of Hanoi and Ho Chi Minh City, rising to nine selling points. However, the bank only sells two or three taels to each customer.
Vietcombank also announced that the commercial bank opened four additional SJC gold bullion selling stores on June 10, raising its SJC gold bullion selling points to ten in Hanoi and Ho Chi Minh City.
The trading time of gold starts from 9 a.m. to 11:30 a.m. and from 1:30 p.m. to 4 p.m. daily.
Additionally, Vietcombank recommended that gold buyers should take caution for buying and selling gold amid the narrowing gap between SJC gold prices and global prices which may lead to a further decrease in the selling prices of gold by state-owned commercial banks and SJC in the coming time.
