The narrowing of the gap between domestic and global gold prices may further pull down the selling price of SJC-branded gold bullion of state-owned commercial banks and Saigon Jewelry Company (SJC) in the near future. The selling price of SJC-branded gold bullion announced by the SBV on June 4 morning at 77.98 million VND (3,069 USD) per tael, the price difference was about 6 million VND, which is quite reasonable as compared to nearly 20 million VND previously. The domestic gold bar price on the day fell 1 million VND from the previous day. A tael equals 37.5 grammes or 1.2 ounces. Earlier, the SBV said the four state-owned lenders of Agribank, BIDV, VietinBank and Vietcombank, and SJC are solely authorised to purchase SJC gold bars from the central bank and sell to the public.
Source: Vietnam News Agency