Around 10 a.m. on June 6, the State Bank of Vietnam (SBV) announced a direct selling price of SJC gold bars to four State-owned commercial banks and Saigon Jewelry Company (SJC) at VND75.98 million per tael, down an additional VND1 million per tael from the previous day.
Consequently, the selling price of SJC gold bars was also cut by VND1 million per tael by the four State-owned commercial banks and gold trading companies.
At approximately 10:15 a.m., the selling price of SJC gold bars at the four State-owned commercial banks was listed at VND76.98 million per tael, down by VND1 million per tael from the previous day.
At the same time, in Ho Chi Minh City, SJC lowered its buying price by VND1.8 million and its selling price by VND1 million compared to the previous day, trading at VND74.98 million per tael for purchases and VND76.98 million per tael for sales. Meanwhile, Mi Hong Gold Shop listed prices at VND76 million per tael for buying and VND76.98 million per tael for selling, down VND800,000 in the buying rate and VND1 million in the selling rate.
In Hanoi, PNJ Company also adjusted its buying price by VND1.5 million and its selling price by VND1 million compared to the previous day to list at VND74.97 million per tael for purchases and VND76.98 million per tael for sales. Meanwhile, Doji Group bought gold at VND74.98 million per tael and sold it at VND76.98 million per tael, decreasing by up to VND1.9 million for purchases and VND1 million for sales.
Therefore, after three days of four State-owned commercial banks and PNJ Company directly selling SJC gold bars to the public according to the new plan of the SBV, SJC gold has decreased by a total of VND3 million per tael.
While the price of SJC gold continues to decline, the price of 9999 gold rings has been slightly increased by businesses. SJC quoted prices at VND73.5 million per tael for purchases and VND75.1 million per tael for sales, up VND300,000 for both buying and selling rates compared to yesterday. PNJ Company also raised prices by VND300,000 for both buying and selling, trading at VND73.5 million per tael for purchases and VND75.3 million per tael for sales.
In the global gold market, the spot gold price on the Kitco exchange platform on the morning of June 6 (Vietnam time) was at US$2,370.1 an ounce, marking a rise of $15 an ounce compared to the closing price in New York the previous night. After conversion, this price level is approximately VND72.7 million per tael, lower than SJC gold by about VND4.3 million per tael and lower than 9999 gold rings by approximately VND2.6 million per tael.
The global gold price surged following indications that US employment figures fell short of expectations, raising the likelihood of an early interest rate cut by the US Federal Reserve (FED). Specifically, a report from the US Department of Labor revealed that job postings in April 2024 hit their lowest level in over three years. The CME FedWatch tool also suggests that investors currently anticipate a 69 percent chance of the FED reducing interest rates in September. A potential decrease in interest rates would boost gold's appeal. The market is eagerly anticipating the official US government employment report, slated for release on June 7.
