SJC Gold Prices on June 26: 20 Days Stable and the Situation with Online Gold Purchases After 2 Weeks of Implementation

The gold bar market continues to see stable prices at 76.98 million VND per tael, unchanged over the last 20 days. After approximately two weeks of implementing online gold sales, purchasing gold bars remains challenging. As of the morning of June 26, SJC Ho Chi Minh continues to list buying and selling prices at 74.98 – 76.98 million VND per tael. This marks the 14th consecutive session without change, totaling 20 days including weekends. Doji Hanoi and Doji Ho Chi Minh also maintain fixed buying and selling prices at 74.98 – 76.98 million VND per tael. Bao Tin Minh Chau and Phu Quy also keep their buying and selling prices steady at 75.50 – 76.98 million VND per tael. The selling price of gold bars at the Big4 state-owned banks (Vietcombank, BIDV, Vietinbank, Agribank) remains unchanged at 76.98 million VND per tael, as the State Bank has not adjusted the direct selling price. Stable Gold After 2 Weeks of Online Sales On June 12, Vietcombank was the first bank to switch to selling SJC gold bars online, followed by BIDV and Agribank starting from June 17, Vietinbank from June 19, and SJC Company from June 20. From June 3, 2024 – the start date of the stable gold selling program – approximately 160,000 to 180,000 taels of gold have been supplied to the market according to experts. However, due to high demand, gold businesses have had to limit the amount of gold each customer can purchase to ensure fairness and prevent speculative behavior. At SJC Company, each customer is allowed to purchase a maximum of one tael of gold at a time and can only repurchase after two weeks. Commercial banks have applied similar policies, with the rule that each customer can only purchase once per week. As the stable gold selling has been implemented online, people are facing difficulties in participating due to limited quantities and high competition. As businesses and banks allocate a certain amount of gold each day, many customers face out-of-stock situations right after sales start, usually in the early morning hours. The online gold purchase registration system is not always robust enough to handle sudden large traffic at the time of sale, leading to technical issues such as disconnections, slow-loading pages, or login errors. The need to wait a long time to repurchase gold (e.g., two weeks for SJC customers or one week for bank customers) adds inconvenience for those wanting to buy gold regularly or urgently. In a recent meeting with banks and gold businesses, the State Bank affirmed its commitment, resources, and tools to implement appropriate short and long-term solutions to ensure stable gold market development, guided by market principles under state management. Participating units in the sale of SJC gold bars have affirmed their commitment to continue improving processes and technology to facilitate genuine gold purchasers and eliminate speculative activities. Mr. Nguyen Thanh Tung, CEO of Vietcombank, stated that the bank would continue to optimize the gold supply process and sales to the public, further integrating gold sales into the app (application) and promoting cashless payments to ensure transparency and convenience.

SJC Gold Prices on June 26: 20 Days Stable and the Situation with Online Gold Purchases After 2 Weeks of Implementation

The gold bar market continues to see stable prices at 76.98 million VND per tael, unchanged over the last 20 days. After approximately two weeks of implementing online gold sales, purchasing gold bars remains challenging.

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