Gold Price Table on 19 July: Gold Bars Maintain 80 Million VND Mark, SBV Keeps Direct Selling Price At...?

Summary The gold bar market remained stable this morning despite a sharp drop in global gold prices. Stability was recorded in both buying and selling prices, maintaining a buy-sell difference of 1.5 million VND. SBV increased direct selling price by more than 3 million VND after more than a month of moving sideways, what do experts say? Content Following yesterday's sharp rise, the gold bar market remained flat this morning in both buying and selling prices, even as global gold prices fell sharply below 2430 USD. The disparity between the two markets inversely correlated with the decline in global gold prices. Updated buying – selling prices for gold bars at some enterprises as of 9:30 AM on 19 July: SJC Ho Chi Minh City : 78.50 – 80.00 million VND/tael. Doji Hanoi : 78.50 – 80.00 million VND/tael. Doji Ho Chi Minh City : 78.50 – 80.00 million VND/tael. Bao Tin Minh Chau: 78.50 – 80.00 million VND/tael. Phu Quy : 78.50 – 80.00 million VND/tael. The selling prices of gold bars at the four state-owned commercial banks (Vietinbank, Vietcombank, BIDV, Agribank) also remained pegged at 80 million VND/tael. With the sharp decline, the converted global gold price is now trading above 76 million VND/tael, nearly 4 million VND lower than gold bars. On 17 July, when global gold reached a peak of 2482 USD, SJC gold bars were still pegged at 76.98 million VND/tael, making the converted global gold price nearly 1 million VND higher than the gold bar price at that time. State Bank of Vietnam Adjusts Direct Selling Price After More Than 40 Days of Stagnation Unable to remain stagnant while global gold continuously set new records, after more than a month of sideways movement at 75.98 million VND/tael, on 18 July, the State Bank of Vietnam raised the selling price of SJC gold bars by more than 3 million VND/tael to 79 million VND/tael, for sales to the Big4 banks and SJC Company. This was the cause of the sharp rise in the gold bar market yesterday. The State Bank of Vietnam continues to affirm that it will proceed with the roadmap to narrow and control the gap between the domestic SJC gold bar price and the global price at an appropriate level. Huynh Trung Khanh, Vice Chairman of the Vietnam Gold Traders Association, analyzed that when global gold prices rise, domestic gold prices will certainly rise; the global gold price cannot be the same as the domestic gold price. "Surely, the State Bank of Vietnam does not import gold to sell at a loss, with many other accompanying costs, the price has to go up," Mr. Khanh said. He considered the over 3 million VND/tael increase gold selling price by the State Bank of Vietnam as "somewhat shocking," but still reasonable. After the price increase, the difference between domestic SJC gold bars and global gold prices is about 4 million VND/tael. Maintaining a gap of about 4-5 million VND/tael is reasonable. "Previously, I predicted that following the global gold price increase, the State Bank of Vietnam would adjust the SJC gold bar selling price 1-2 days earlier. The adjustment today indicates a delay. Perhaps, the State Bank of Vietnam does not want to change prices as frequently as the free market. They only adjust the price when global gold prices rise sharply," Mr. Khanh shared.

Gold Price Table on 19 July: Gold Bars Maintain 80 Million VND Mark, SBV Keeps Direct Selling Price At…?

Summary

Content

Support authors and subscribe to content

Subscribe

9999 Gold Rings on 18 July: Gold Bars Steal the Spotlight, Gold Rings Show Divergent Trends

VND/USD Exchange Rate on 19 July: Surges by 135 VND, Free Market USD Reaches 25,750

Related Posts

Leave a Reply Cancel reply

Premium Content

Browse by Category

Browse by Tags

Categories

Browse by Tag

Recent Posts

Welcome Back!

Create New Account!

Retrieve your password

Are you sure want to unlock this post?

Are you sure want to cancel subscription?