Vietnam's State Bank sells gold to state-owned banks and SJC to stabilize domestic gold prices.
Vietnam's State Bank announced plans to sell gold to four state-owned commercial banks and the Saigon Jewelry Company (SJC) to help stabilize domestic gold prices. The move comes after gold prices reached a historic peak in Vietnam. SJC's gold prices were quoted at 79 million dong per tael following the announcement, and the central bank aims to prevent market manipulation and pricing violations by closely monitoring commercial banks and gold trading firms. The State Bank of Vietnam set the selling price of SJC-branded gold bars at 78.98 million VND (3,108 USD) per tael, and the four banks and SJC began selling gold directly to customers as part of an effort to promote market stability and create a balanced gold market.
June 03, 2024
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