Specifically, as of 8:50 a.m., DOJI Gold and Gemstone Group listed the price of SJC gold at 76.98 - 78.98 million VND/tael (buy - sell), down 700,000 VND/tael in the buy direction and kept the listed price in the sell direction unchanged compared to the closing price yesterday.
Saigon Jewelry Company (SJC) listed the price of SJC gold at 76.98 - 78.98 million VND/tael (buy - sell), down 500 thousand VND/tael for buying and unchanged for selling compared to yesterday's closing price.
Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department (State Bank), said that narrowing the gap between the domestic and international selling prices of SJC gold bars will likely lead to a further decrease in the selling prices of gold by state-owned commercial banks and SJC in the coming time.
Therefore, Mr. Dao Xuan Tuan recommends that people need to be very careful when buying gold in the context of the current volatile world gold price.
In the past two days, four state-owned commercial banks and Saigon Jewelry Company Limited (SJC) have sold SJC gold bars directly to the public under the new plan of the State Bank. The goal of this plan is to narrow and control the gap between domestic and international SJC gold bar prices at an appropriate level. This plan has initially received attention and positive reviews from the public.
According to Ms. Le Thuy Hang, General Director of SJC, at present, gold buyers should consider and choose when to buy and sell to avoid losses and risks because gold price fluctuations are not always constant but only occur in the short term.
The continuous decrease in the price of SJC gold bars after the State Bank's direct sales these days has been assessed by analysts as bringing the difference between the domestic gold price and the converted international gold price to a reasonable level, consistent with the State Bank's purpose of gold intervention sales.
Previously, in the world market, gold prices fell more than 1% in the session of June 4, when the USD was stable before the US employment data was announced this weekend, a basis for the US Federal Reserve (Fed) to make a decision on interest rates.
Spot gold prices fell 0.9% to $2,329.1 an ounce at 1:18 a.m. on June 5 (Vietnam time). Gold futures prices closed down 0.9% to $2,347.4 an ounce.
Gold prices reversed gains after recovering in the previous session, due to weak US manufacturing data.
The dollar index steadied, making gold more expensive for buyers using other currencies, after falling to its lowest since mid-April 2024.
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