SJC General Director: 'Gold price fluctuations are only short-term, buyers should consider'

Speaking to the press this afternoon, June 3, SJC General Director Le Thuy Hang affirmed that gold price fluctuations are only short-term, not always.

Ms. Le Thuy Hang, General Director of SJC, answered an interview about gold prices this afternoon, June 3 - Photo: PHUONG QUYEN

Meanwhile, experts say gold prices may fall further, so people should consider buying gold at this time.

Gold prices have not bottomed out yet

Ms. Hang said that under the Government's direction, SJC is allowed to buy gold from the State Bank and sell it directly to the people. Every day, the State Bank will sell two sessions (morning and afternoon). Based on the State Bank's selling price of gold, four state-owned commercial banks and SJC Company will jointly set a reasonable selling price.

The goal is to narrow the gap between domestic and world gold prices.

SJC leaders said that on June 3 alone, the company supplied 2,000 taels of SJC gold bars to the market. However, by early afternoon, the amount of gold sold had exceeded 2,000 taels. Therefore, SJC Company had to limit the amount of gold purchased to 3 taels per person.

Many people lined up to buy gold at banks on the first day of sale.

If customers want to buy more, they can deposit 50%. SJC Company will report the quantity to the State Bank to be supplied on the next trading day.

SJC representative said that buying and selling prices will be listed publicly, directly on SJC's website.

The selling price will be based on the price announced by the State Bank plus a margin, while the buying price will depend on market supply and demand. From there, SJC will ask for opinions to adjust in a timely manner to reality.

Ms. Hang said that at present, gold buyers should consider and choose when to buy and sell to avoid losses and risks.

"The fluctuation of SJC gold price is not always but only happens in the short term. The Prime Minister has directed the State Bank to intervene promptly to stabilize the gold market. Therefore, buyers should consider," Ms. Hang advised.

Gold price will fall to 75 million VND/tael?

Customer Nguyen Van Y bought gold this afternoon at BIDV Bank, Ho Chi Minh City branch - Photo: PHUONG QUYEN

Experts say that gold should not be bought at this time. The price of SJC gold bars is still likely to fall to 75 million VND/tael if the world gold price falls sharply.

At the end of today, June 3, the selling price of SJC gold bars at four state-owned commercial banks was 79.98 million VND/tael. Gold shops also simultaneously lowered the selling price of SJC gold bars to this price.

Compared to the converted world gold price, the price of SJC gold bars is only 8.47 million VND/tael higher. This is a record low difference in many months.

However, experts predict this is not the bottom yet.

Expert Tran Duy Phuong said that it is not advisable to buy gold at this time. "The price of SJC gold bars is still likely to fall to the range of 77 - 78 million VND/tael, or even fall to 75 million VND/tael if the world gold price continues to fall sharply," Mr. Phuong commented.

At the end of June 3, the world gold price was at 2,328.5 USD/ounce. Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 71.51 million VND/tael.

Tuoitre.vn

Source: https://tuoitre.vn/tong-giam-doc-sjc-bien-dong-gia-vang-chi-trong-ngan-han-nguoi-mua-nen-can-nhac-20240603204113064.htm