Domestic gold market kept stable

The domestic gold market has been kept stable over the past few days after the four State-owned commercial banks and the Saigon Jewelry and Germ Stone Co. (SJC) were allowed to purchase gold bars from the State Bank of Vietnam (SBV) for sale to the public.

The central bank on June 10 kept the same price of the SJC-branded gold bars sold to the four banks and the SJC on June 6,  at VND75.98 million ($2,985) per tael.

Accordingly, the price of the gold bars sold to the public by the four banks, namely Agribank, BIDV, VietinBank and Vietcombank, and the SJC remained unchanged at VND76.98 million ($3.024) per tael.

Since June 3, the four banks and the SJC have been solely permitted to purchase SJC gold bars from the central bank to sell to the public as part of measures to stabilize the market. 

After five days, the gold prices in Vietnam dropped by VND4 million ($157) per tael, thus much narrowing the difference between domestic and world gold prices.