 "Customers trade gold at a store. (Photo: SGGP)")
During a recent government meeting on gold market regulation, Prime Minister Pham Minh Chinh directed the State Bank of Vietnam (SBV) to intensify oversight of the gold market, aiming to narrow the gap between domestic and global gold prices to around 1–2 percent.
Accordingly, Saigon Gold and Jewelry Company (SJC) and Phu Nhuan Jewelry Joint Stock Company (PNJ) announced the buying price of a tael of SJC-branded gold bars at VND117 million (US$4,519) for buying and VND120 million (US$4,635) for selling, decreasing VND2 million (US$77.25) a tael for buying and up to VND1 million (US$38.62) a tael for selling.
Phu Quy Gold, Silver, and Gem Stone Group bought SJC-branded gold bars at VND116.5 million per tael and sold them at VND120 million per tael, down VND1.5 million a tael for both buying and VND1 million for selling.
The gold price of Bao Tin Minh Chau Company was VND117 million and VND120 million for buying and selling, respectively. The buying price dropped by VND1.5 million per tael, while the selling price fell by VND800,000 per tael.
Phu Nhuan Jewelry Joint Stock Company (PNJ) bought 9999 gold rings at VND112 million per tael and sold them at VND115 million, with the buying and selling price plunging by VND1 million per tael.
Saigon Gold and Jewelry Company (SJC) also adjusted its prices downward, cutting the buying price by VND500,000 and the selling price by VND1 million per tael to VND112 million a tael for buying and VND115 million a tael for selling.
Phu Quy Gold, Silver, and Gem Stone Group lowered the prices by VND500,000 per tael for both buying and selling. The company's gold ring was quoted at VND112.5 million per tael for buying and VND115.5 million per tael for selling.
Bao Tin Minh Chau Company kept its prices for 9999 gold rings unchanged from the previous weekend, quoting VND115.5 million per tael for buying and VND118.5 million per tael for selling.
Kitco traded at US$3,352.2 per ounce on the morning of May 26 (local time), up US$4 compared to the trading session last week, equivalent to VND105.4 million per tael. It is lower than the domestic SJC gold price by approximately VND14.6 million per tael and VND10-13.1 million per tael lower than the price of 9999 gold rings.
