Saigon Jewelry Company, the country’s largest gold trader and producer of gold bullion, under the popular brand name ‘SJC’, converted 20,000 taels of gold into standardized SJC bullion, according to Nguyen Hoang Minh, deputy director of the State Bank of Vietnam, on August 29.
SJC has converted the entire gold amount in the last five days, and all the gold bullion is in circulation in the market, confirmed the Central Bank.
Earlier, the Central Bank had given SJC the green light to convert some 48,061 taels (around 1.8 tons) of faulty gold bars into normal bars, and those of other brands into standardized SJC bullion to stabilize the market.
Gold prices in Vietnam immediately hiked after the conversion was announced by the Central Bank. At the opening session on August 29, the precious metal stood at VND44.62 million a tael, VND110,000 a tael higher than at yesterday’s closing session.
While SJC based in Ho Chi Minh City purchased gold at VND44.4 million a tael and sold at VND44.6 million a tael as of 9am Vietnamese time, Hanoi-based Phu Quy Jewelry Company quoted price at VND44.5 million a tael for buying, and VND44.62 million a tael for selling.
Domestically, gold fetched nearly VND2.4 million a tael higher than global price.
