SBV vows to fight Vietnam's goldization

On the afternoon of June 4, the State Bank of Vietnam (SBV) reiterated its caution to the public regarding gold trading activities amidst the current volatility in the bullion market.


According to SBV, people should exercise utmost care when engaging in gold transactions. Furthermore, SBV emphasized the need for responsible media coverage to avoid fueling a "gold rush" mentality, thereby safeguarding the public from potential risks and aligning with the SBV's policy objectives.

In pursuit of its strategy to narrow the gap between domestic and international gold prices, the SBV announced plans to intervene to lower gold prices and minimize the disparity gradually. Additionally, it reaffirmed its steadfast commitment to fighting against the goldization of the economy.

Earlier in the morning of the same day, SBV announced the direct selling price of gold bars to four State-owned commercial banks and Saigon Jewelry Joint Stock Company (SJC) at VND77.98 million per tael, down VND1 million per tael compared to the previous day (June 3).

At the five units authorized to sell SJC gold bars mentioned above, the selling price of gold bars on June 4 also decreased by VND1 million per tael compared to June 3, to VND78.98 million per tael (VND1 million higher than the price offered by SBV).

The move to reduce the selling price of gold bars by the five units mentioned above also affected the selling price of gold bars of other gold trading enterprises. Accordingly, the price of gold bars at other gold trading enterprises on June 4 was also adjusted with a tendency to narrow the difference between the buying and selling prices.

Thus, following the relatively strong measures recently taken by SBV and the relevant authorities to stabilize the gold market, as of today, the gold market has shown positive signs as the selling price of SJC gold bars in the domestic market has gradually narrowed the gap with the world gold price.

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