SJC gold bar price drops sharply, Hai Duong market has no transactions

At 3 stores Bao Tin Manh Hai, PNJ, Doji, customers only come to consult the price but do not have the need to trade SJC gold bars.

According to Hai Duong Newspaper reporters' investigation at 3 SJC gold bar trading stores in Hai Duong City, including Bao Tin Manh Hai, PNJ and Doji, for many days now, especially from May 30 (the time when SJC gold prices began to "free fall" when the State Bank announced a new stabilization plan) to 5:00 p.m. on June 1, these stores did not record any transactions of buying or selling SJC gold bars.

According to a store representative, customers only come to consult the price and do not have any need to make a transaction. “The general psychology of customers is that they do not know whether the current transaction price, although it has decreased significantly compared to 3 days ago, is the final price or not. In other words, customers are waiting for the market signal after June 3, the day when major banks will sell SJC gold to the market. Moreover, the difference between buying and selling prices is currently unstable,” a store representative explained.

At 5:00 p.m. on June 1, the price of SJC gold bars in Hai Duong market was trading around VND83.4 million/tael for selling and VND81.1 million/tael for buying, down VND1.5 million/tael for selling and down VND800,000/tael for buying compared to the opening price of the morning session of the same day; and down VND3.5 million/tael for selling and down VND1.95 million/tael for buying compared to the closing price of the last trading session of May 31.

The difference between the buying and selling price of SJC gold bars narrowed from VND3.85 million/tael at the end of the trading session on May 31 to VND2.3 million/tael at 5:00 p.m. on June 1.

On May 29, the State Bank announced the suspension of gold bar auctions and introduced a new stabilization plan of selling gold bars to the market through the Big 4 banks (Agribank, VietinBank, Vietcombank, BIDV). In response to this move, SJC gold prices have turned to decrease and have been in “free fall” since the beginning of the trading session on the morning of May 30 until now.

If people buy SJC gold on May 29 and sell it on the afternoon of June 1, they will lose nearly 10 million VND/tael.

Regarding the sale of SJC gold bars by Big 4 banks to the market, this group of banks will initially sell at some branches in Hanoi and Ho Chi Minh City. The expansion of the SJC gold sales network in Hai Duong as well as other provinces and cities will be implemented later. These banks will only sell, not buy.

This group of 4 banks will agree on the selling price and make it completely public. People who want to buy SJC gold need to bring their citizen identification or personal papers, and follow the instructions at the transaction counter. After agreeing on the quantity to buy, the purchase price and meeting the requirements, they will receive the gold to take home. The banks will issue electronic invoices to people who buy SJC gold.

In Hai Duong, people can trade SJC gold bars at the 3 stores mentioned above. As we have reported, to buy SJC gold, at PNJ, customers must pay 100% of the order value (from 1 tael of gold or more), then wait 2-3 weeks to receive the gold. At Bao Tin Manh Hai, depending on the daily business plan, but basically with orders under 10 taels of gold, customers can trade immediately; with orders of 10 taels of gold or more, after payment, customers need to wait 7-10 days to receive the gold.

HA KIEN

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