Vietnam biggest gold traders sell 18,000 tael of gold on august 23 to stabilize local market

Vietnam’s three big local gold traders SJC, PNJ and SBJ sold a combined number of 18,000 tael on August 23 in an effort to pull down local gold premium with support from the State Bank of Vietnam to stabilize local market.

In details, SJC sold over 10,000 tael, PNJ sold 3000 tael and SBJ sold nearly 5,000 tael at around VND100,00-200,000 discount to market prices.
People, including retail gold shoppers, are reported to queued to buy gold yesterday. The biggest individual lot was recorded at 1,000 tael for a man in Ho Chi Minh city.

Right after their intervention, local gold prices fell VND400,000-VND500,000 at the close compared with the open prices.

Local gold premium fell from VND1.3 million/tael or $52/ounce yesterday to $47/ounce this morning.

The State Bank of Vietnam aimed firstly to narrow the gap between local and global gold prices to VND300,000-400,000 premium ($12-$16/ounce premium or under 1% premium) and then to reach close parity between the local and global gold prices.

Nguyen Thanh Long, SJC’s CEO said the company has completed procedure to import 500kg of gold on August 23 and will receive it within 48 hours. Long and Nguyen Thi Cuc, deputy CEO of PNJ said there will be enough gold supply to meet local demand. – Stoxplus.com

Tags: vietnam gold, Vietnam gold market, Vietnam gold prices