Is it becoming increasingly difficult to buy gold through banks?

Previously, to register to buy gold, buyers had to register one day in advance. Therefore, according to the new regulations, it will take buyers three days to complete the purchase of SJC gold bars at the two banks mentioned.

Notably, Saturday and Sunday are not working days for receiving gold.

According to reports, today the State Bank of Vietnam (SBV) continued to lower the selling price of gold bars for four state-owned banks and SJC.

The selling price of SJC gold bars at the four state-owned commercial banks and SJC is 77.5 million VND/ounce, half a million VND lower than yesterday's price.

After one week, the price of SJC gold bars decreased by 1.3 million VND per tael.

According to regulations, state-owned banks and SJC are allowed to sell gold at a maximum markup of 1 million VND compared to the direct selling price from the State Bank of Vietnam. Therefore, the price of gold bars is adjusted accordingly by these organizations.

The State Bank of Vietnam will sell gold directly through four banks (Vietcombank, BIDV, Agribank , and Vietinbank) starting from June 3, 2024.

In fact, this is the right new direction, which has helped to quickly reduce speculative activity and narrow the price gap between domestic and international markets, the price of gold bars and gold rings, as well as between different gold brands...

However, experts believe this solution still gives rise to some major problems. As Associate Professor Dr. Ngo Tri Long, an economic expert, stated:

Currently, two types of gold prices exist in the market: The price of gold in the "black market" is about 3-4 million VND/ounce higher than the price offered by price-stabilizing units. Specifically, on June 29, 2024, in Hanoi, the buying price of SJC gold bars at "black market" gold and silver shops was 79.5 million VND/ounce.

Meanwhile, the buying price of SJC gold bars is being listed by banks and gold and silver trading businesses at 74.98 million VND/ounce.

Thus, the buying price of gold in the "black market" is 4.52 million VND/ounce higher than the official market price. Accordingly, the selling price of SJC gold bars in the black market is 80.5 million VND/ounce. Meanwhile, at the same time, the selling price set by the State Bank of Vietnam is 76.98 million VND/ounce, which is 3.5 million VND/ounce lower.

Therefore, it was inevitable that gold brokers would appear, and many people would line up to buy gold at stable prices in order to resell it on the open market and profit from the difference. This caused instability when people lined up to buy gold in bulk for resale.

According to experts, the current stabilization measures do not adequately address the public's demand for gold.

Offering long-term solutions, experts suggest amending Decree 24/2012/ND-CP soon; returning gold production and trading to private enterprises; and shifting from trading gold bars to trading other gold products (gold certificates, derivatives, etc.) on a centralized trading center.