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SJC-branded gold bullion is sold at 77.98 million VND (3,069 USD) per tael on June 4 as approved by the Governor of the State Bank of Vietnam (SBV).

SJC-branded gold bullion is sold at 3,069 USD per tael on June 4. (Photo: VNA)

The gold bar price falls 1 million VND from the previous day. A tael equals 37.5 grammes or 1.2 ounces.

On June 3, the four state-owned lenders of Agribank, BIDV, VietinBank and Vietcombank, and Saigon Jewellery Company Limited (SJC) bought gold from the central bank for 78.98 million VND per tael, and sold it to the market at 79.98 million VND.

Economists have advised local residents to stay prudent as gold price could fall in the coming time due to the SBV’s drastic measures to narrow the gap between domestic and global gold prices.

Earlier, the SBV said the four banks and SJC are solely authorised to purchase SJC gold bars from the central bank and sell to the public. This strategic move aims to promote market stability and ensure a balanced gold market.

At 10am on June 4, SJC gold prices are quoted at 77.98 million VND per tael for sellers and 79.98 million VND for buyers./.

VNA