From June 3, the State Bank will sell gold to 4 banks to sell directly to people.

Mr. Pham Quang Dung - Deputy Governor of the State Bank of Vietnam said that in order to ensure the successful implementation of the market stabilization goal as directed by the Government and the Prime Minister , the State Bank of Vietnam will sell gold directly to 4 state-owned commercial banks so that these banks can sell gold directly to the people.

The State Bank will sell gold to banks next Monday, June 3, 2024. The price will be determined by the State Bank based on world prices.

The Deputy Governor said that the goal of the State Bank is to soon narrow the gap between domestic and world gold prices to a suitable and sustainable level.

Recently, implementing the direction of the Government and the Prime Minister, the State Bank has organized 9 auctions, supplying the market with 48,500 taels of SJC gold, equivalent to 1.8 tons of gold.

However, the difference between domestic SJC gold bar price and world gold price is still high, about over 20%.

The Deputy Governor stated that, clearly, in addition to market factors such as supply-demand relations, the possibility of illegal acts, manipulation, price fixing, and destabilization of the gold market cannot be ruled out.

The State Bank of Vietnam leader said that the operator is currently coordinating with the Ministry of Public Security, the Ministry of Finance, the Ministry of Industry and Trade and the Government Inspectorate to inspect the compliance with policies and laws in gold trading activities for credit institutions and enterprises.

The Deputy Governor affirmed that he will resolutely and strictly handle any violations of the law (if any).

Regarding the State Bank selling gold directly to commercial banks, the Deputy Governor said that state-owned commercial banks with their extensive networks have prepared the necessary conditions to organize the direct sale of gold to people in need.

Mr. Pham Quang Dung confidently affirmed that the State Bank has enough capacity and determination to stabilize the market. He believes that the gap between domestic and world gold prices will quickly and sustainably narrow.

For that reason, the Deputy Governor advised people to be cautious when participating in gold transactions at this time to minimize risks for themselves.

According to Lao Dong, gold prices today, May 29, increased in both domestic and international markets. SJC gold bars are approaching the threshold of 91 million VND/tael.

Compared to the opening of yesterday's trading session, SJC gold price at some brands increased by about 500,000 VND/tael for both buying and selling.

Previously, Lao Dong Newspaper had a series of articles "Unleashing the gold market to let capital flow into the economy", proposing solutions to manage the gold market such as: Amending Decree 24 in the direction of eliminating the monopoly on gold bars, needing to boldly change management thinking, returning gold to the market for operation; There needs to be more comprehensive regulations on financial products and services related to gold, not simply managing gold bars and gold jewelry as at present...

Source: https://laodong.vn/kinh-doanh/tu-36-ngan-hang-nha-nuoc-ban-vang-cho-4-ngan-hang-de-ban-truc-tiep-cho-nguoi-dan-1346149.ldo