Gold bullion price in Vietnam drops by USD39.3 on Tuesday
(MENAFN) The State bank of Vietnam announced on Tuesday that the price of gold bullion sold to four state-owned lenders and Saigon Jewelry Company Limited (SJC) stood at 77.98 million Vietnamese dong (equivalent to approximately USD3,069) per tael. This figure marked a notable decline of 1 million dong (about USD39.3) from the previous day's pricing, as reported by local media outlets.
This announcement follows the central bank's earlier decision to authorize the four banks and SJC as the exclusive entities permitted to purchase SJC gold bars directly from the central bank and subsequently distribute them to the public. The rationale behind this strategic move was to foster market stability and ensure equilibrium within the gold market, a directive highlighted by a Vietnamese news agency.
As of Tuesday morning, SJC gold prices were quoted at 77.98 million dong (USD3,068.26) per tael for sellers and 79.98 million dong (USD3,146.96) for buyers, representing a three-month low in pricing.
It's pertinent to note that in Vietnam, a tael corresponds to 37.5 grams or approximately 1.2 ounces, providing essential context for understanding gold transactions within the country.
The observed decline in gold bullion prices underscores the ongoing fluctuations within global commodity markets, potentially influencing consumer behavior and investment decisions within Vietnam's gold market landscape.
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