The latest announcement from the State Bank of Vietnam (SBV) said that based on the approved plan to sell gold bars directly to 4 state-owned commercial banks and Saigon Jewelry Company Limited (SJC), the SBV announced the direct selling price of gold bars on November 18, 2024 is VND 83.5 million/tael.
The agency also said it will continue to implement a roadmap to narrow and control the difference between domestic SJC gold bar selling prices and world prices at an appropriate level.
The State Bank announced to sell gold bars at 83.5 million VND/tael.
Previously, at the question-and-answer session before the National Assembly on the morning of November 11, Governor Nguyen Thi Hong stated that the fluctuations in Vietnam's gold market in recent times are also a common trend in other countries around the world. From 2014 to 2019, the Vietnamese gold market was relatively stable and people's demand for gold decreased. However, from 2021, the world gold price increased, and accordingly, the domestic gold price also increased. However, from 2021 to June 2024, the State Bank has not intervened.
Since June 2024, the world gold price has reached its peak, the gap between the world gold price and domestic gold price has increased. Therefore, the Government and the State Bank have directed strongly. Based on current laws, the State Bank has organized an auction. In the context of the gold price reaching its peak and the market's expectations being very high, the State Bank has considered 9 auctions, this is a quite effective solution in 2013.
In order to quickly narrow the gap between domestic and international gold prices at a high level under the Government's drastic direction, the State Bank of Vietnam has switched to selling SJC gold directly through 4 State-owned commercial banks. Therefore, the gap between domestic and international gold prices has decreased from about 15-18 million VND/tael to only about 3-4 million VND/tael.
Pointing out that gold prices continue to be complicated and unpredictable, Governor Nguyen Thi Hong said that our country does not produce gold, so intervention depends entirely on international gold imports. Therefore, the State Bank will closely monitor market developments to come up with appropriate policies to stabilize the gold market.
Ms. Hong also said that since 2014, the State Bank has not supplied gold bars to the market because the State Bank has a monopoly on producing gold bars. With the context of increasing demand, the State Bank is supplying gold and has not raised the issue of buying back.
As for state-owned commercial banks, when selling gold during this period, the State Bank mainly implemented solutions to increase gold supply. Regarding the gold bar trading system, there are currently 22 credit institutions and 16 businesses trading in gold bars.
In addition, the State Bank only grants licenses to businesses that trade in gold bars, and there are no mandatory regulations on any location. Businesses and credit institutions themselves will review and evaluate the needs of provinces and cities and open locations to trade gold bars. Therefore, in reality, the demand is mainly in Hanoi, Ho Chi Minh City and other major cities, while in other provinces and cities, there is no phenomenon of people lining up to buy gold.
Source: https://vtcnews.vn/ngan-hang-nha-nuoc-thong-bao-ban-vang-mieng-gia-83-5-trieu-dong-luong-ar908078.html
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