SJC gold bar price fluctuates strongly, USD falls rapidly

Circular 12/2023 of the State Bank amending and supplementing a number of articles of legal documents regulating the implementation of the task of managing state foreign exchange reserves will add the Foreign Exchange Reserve Management Department to participate in the gold bar auction transaction process between the State Bank and credit institutions. This regulation is not related to the purchase and sale of SJC gold bars by organizations with gold bar trading licenses and individuals owning SJC gold bars.

Previously, rumors of a temporary halt in gold bar trading at the end of October caused people to sell gold, leading to a sharp drop in price of nearly VND2 million/tael early on November 6. The buying price of SJC gold bars dropped to VND67 million/tael at one point, and the selling price was VND68.5 million/tael. Then the price quickly increased again when SJC Company released the above information. In the afternoon of the same day, the buying price was VND68.5 million, and the selling price was VND69.8 million. Meanwhile, the price of 4-number-9 gold rings increased by VND50,000 per tael, buying at VND58.95 million, and selling at VND59.95 - 60.05 million.

On the same day, the USD price at banks dropped sharply by 180 VND. Eximbank changed the foreign currency price about 40 times during the day, the buying price dropped to 24,110 - 24,190 VND, the selling price was 24,510 VND. At Vietcombank, the USD price dropped to 24,130 - 24,160 VND for buying, 24,500 VND for selling... The State Bank of Vietnam reduced the central exchange rate by 20 VND, down to 24,064 VND/USD. After many days of no trading on the open market, on November 6, the State Bank of Vietnam withdrew nearly 5,000 billion VND. 6 members won the bid for 28-day term bills, with an interest rate of 1.5%/year.

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