The State Bank announced a change in its gold price stabilization methods on May 31, which resulted in a decrease of 8 million VND for SJC gold bars by noon on June 1. This led to a loss of approximately 7 million VND for the company after two days.
This morning, SJC listed the selling price of its gold bars at 82-85 million VND, with a decrease of 1 million VND on the buying side and 2 million VND on the selling side. By late morning, gold bar prices continued to fall, with SJC reducing the selling price of its gold bars to 84 million VND per tael by noon.
Other jewelry brands also followed suit, with most trading below SJC’s selling price. DOJI Jewelry Group, Bao Tin Minh Chau, and Mi Hong were selling gold bars around 83.5-84 million VND, which was around 500,000 to 1 million VND lower than the SJC price.
Plain ring prices also decreased slightly, with a reduction of 400,000 VND in both directions for 24K rings at SJC, currently trading at 74.1-75.7 million VND.
On the international market, gold prices also fell sharply, with each ounce losing more than $20 USD before recovering to $2,326 USD.
In response to these changes in market conditions and fluctuations in domestic and world gold prices, the State Bank decided to halt bidding and sell gold directly to four state-owned banks in an effort to narrow the gap between domestic and world gold prices. The State Bank believes it has the necessary resources and determination to stabilize the market quickly.