Domestic gold prices continue slipping

The State Bank of Vietnam (SBV) on June 5 continued to cut the prices of SJC-branded gold bars sold to four State-owned commercial banks and the Saigon Jewelry and Germ Stone Co. (SJC) by VND1 million ($39) per tael for sale to the public.

The gold bars were offered by the central bank at VND76.98 million ($3,024) per tael.

Following the move, the four banks, namely Agribank, BIDV, VietinBank and Vietcombank, and the SJC listed the retail selling price of gold at VND77.98 million per tael, down VND1 million per tael compared to the previous day.

At this level, gold prices in Vietnam are around VND4.98 million ($195) a tael higher than global price, much lower than a gap of VND20 million ($785) at a peak recorded earlier this month.

This level also marks the lowest since February this year.

It is just around VND4 million ($157) higher than the bottoming out set on January 8, 2024 at VND74 million (2,907) per tael.

The four banks and the SJC are solely permitted to purchase SJC gold bars from the central bank to sell to the public as part of measures to stabilize the market. They started to sell gold to the public on June 3.