Vietnamese central bank moves to lower domestic gold prices

SBV official says market may be fixed but analyst points to shifts in supply and demand

State Bank of Vietnam, Hanoi
The State Bank of Vietnam

The State Bank of Vietnam (SBV) started selling gold directly to four state-owned commercial banks today (June 3), aiming to lower the metal’s domestic price. A senior SBV official recently said the domestic gold price may be affected by illicit factors, but an independent analyst cast doubt on this theory.

The SBV will sell gold bars to the state-owned Saigon Jewelry Company (SJC) and lenders Agribank, Vietcombank, BIDV and VietinBank. The institutions will then sell the gold bars to the public

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