The HCM City-based Sai Gon Jewellery Holding Company (SJC) has begun to sell gold bullion at slightly below market rates.
HCM CITY —
Deputy head of its business office, Nguyen Cong Cuong, said the company sold 9,000 taels (37.5g) at VND100,000-200,000 lower than market prices, and bought almost nothing.
Because of the lower gold prices, people queued up at its outlets to buy, increasing sales on Tuesday to several times the normal figure, he said.
Many private gold shops too bought from SJC, he said.
Nguyen Thanh Long, general director of SJC, said the company had enough stock to influence the market.
Also on Tuesday the company wrapped up procedures to import 500 kilogrammes and the gold would arrive in Viet Nam within 48 hours, he added.
The Phu Nhuan Jewellery Company (PNJ) on Tuesday sold around 2,500 taels and bought 700, general director Nguyen Thi Cuc said.
She too said the company had enough gold to meet the market demand thanks to imports on August 22.
As global prices continued to rise, in Viet Nam gold gained VND570,000 on Tuesday morning to top the VND49 million mark before dropping back in the afternoon to VND47.53 million as the European rally subsided and SJC's discount began to take effect.
At close SJC bought at VND48.15 million and sold at VND 48.45 million, down VND450,000 from morning buy VND120,000 higher than on Monday.
Trading was heavy, with a spokesperson for Sacombank Jewellery Company saying the market was yet to factor in a statement by the central bank that it would tighten control over the gold market.
Investors and people continued to buy gold in anticipation that global prices would keep rising given the instability of the global economy and the start of the peak buying season in India and China, he said. —VNS