Banks and SJC want to eliminate gold bar speculation

This content was mentioned in the meeting of the State Bank and gold bar trading organizations last weekend.

According to the State Bank, after 3 weeks of selling gold in the new form at 4 state-owned banks (Vietcombank, BIDV, VietinBak and Agribank) and Saigon Jewelry Company (SJC), the price of gold bars is only about 4 million VND per tael higher than the world price. This level is narrower than the nearly 20 million VND in the previous period.

Representatives of gold trading enterprises said that without intervention from the authorities, the high price difference will have negative impacts such as smuggling and tax evasion. This will cause imbalance in the balance of payments, affecting exchange rate management and the macro economy.

However, at the meeting, there were concerns that the recent market had seen people lining up to buy gold, signs of market manipulation and market manipulation. Units participating in the sale of SJC gold bars said they would continue to improve processes and technology to facilitate people with real purchasing needs, eliminating speculation.

Mr. Nguyen Thanh Tung, CEO of Vietcombank, said that in the coming time, the bank will optimize the process of supplying and selling gold. In particular, Vietcombank plans to put gold sales on the application (app), and make cashless payments to ensure transparency and convenience for buyers.

The State Bank representative also reiterated the view that "there are enough resources and determination" to stabilize the domestic gold market.

People buy gold at Agribank

Previously, according to the State Bank, the market spread false information about the management agency lacking gold, and there was a situation of hiring people to queue up to collect gold with the aim of pushing up prices, causing instability and damage to the economy. The management agency coordinated with the police to verify and handle these acts, and at the same time advised people to be vigilant, avoid being influenced and exploited by subjects with bad intentions.

Since early June, the State Bank has increased the supply of gold bars to the market by selling gold directly to four state-owned banks and SJC. The selling price on the market is about 1 million VND per tael higher than the price the authorities sell to the four banks and SJC.

The domestic gold bar price is currently hovering around VND77 million per tael, which has been maintained since June 7. However, the demand for gold from the public remains high, forcing four state-owned banks and SJC to switch to online sales (allowing buyers to order on the website and receive gold at their branches), instead of directly at their points of sale. This is to reduce the situation of long queues waiting in front of transaction offices and branches.

In addition, after initially announcing unlimited sales to individuals, these 4 banks recently had to limit the maximum purchase amount to 1 tael per person.

VN (according to VnExpress)

Source: https://baohaiduong.vn/cac-ngan-hang-va-sjc-muon-loai-bo-dau-co-vang-mieng-385378.html