HANOI, June 3 (Xinhua) -- The gold prices in Vietnam have declined after the State Bank of Vietnam announced it would sell gold directly to four state-owned commercial banks and Saigon Jewelry Company (SJC) to stabilize domestic prices, local media reported Monday.
On Monday morning, SJC gold prices were quoted at 79 million Vietnamese dong (3,109 U.S. dollars) per tael for sellers and 81 million dong (3,188 dollars) for buyers, Vietnam News reported.
Vietnam News Agency cited expert Truong Van Phuoc as saying that the central bank's move was an appropriate solution to the current situation. It aims to reduce the price gap between the domestic and international gold markets.
According to the central bank, the four state-owned commercial banks are solely authorized to sell SJC gold bars to individual customers and are not involved in purchasing SJC gold bars from customers.
The official websites of the four state-owned commercial banks and SJC company have announced the locations and timings for selling SJC gold bars to individual customers.
The gold-selling operations will begin at 9 a.m. local time on Tuesday.
The Vietnam's gold price reached its record high of over 92 million dong (3,620 dollars) per tael last month. ■
