State Bank’s Change in Gold Price Stabilization Method Leads to Decrease in SJC Gold Bars and Plain Rings Prices

On June 1, by noon, the price of SJC gold bars decreased by 3 million VND to 85 million VND, resulting in a loss of approximately 7 million VND over two days following the State Bank’s announcement of a change in price stabilization methods. This morning, SJC listed the selling price of SJC gold bars at 82-85 million VND, with a reduction of 1 million on the buying side and 2 million VND on the selling side. As the morning progressed, gold bar prices continued to drop, with SJC reducing the selling price to 84 million VND per tael by noon. Other brands also saw a decrease in gold prices, with most trading below SJC’s selling price.

DOJI Jewelry Group, Bao Tin Minh Chau, and Mi Hong were selling gold bars around 83.5-84 million VND, 500,000 to 1 million VND lower than the SJC price. Plain ring prices also declined slightly, with quantities of 24K rings at SJC decreasing by 400,000 VND in both buying and selling directions, currently trading at 74.1-75.7 million VND. Additionally, international gold prices saw a sharp decline this morning, with each ounce of gold losing more than 20 USD before recovering.

The drop in gold bar prices coincides with the State Bank changing its method to stabilize the market. Previously, the agency organized a bidding process to increase the supply of gold bars and reduce the price difference compared to the global market. After nine bidding sessions, the State Bank introduced 48,500 taels of SJC gold to the market, equivalent to over 1.8 tons of gold. However