The State Bank has just announced the suspension of gold auctions after 9 auctions to sell SJC gold bars, of which 6 were successful, with a total winning volume of 48,500 taels of gold.
The State Bank of Vietnam (SBV) announced on the evening of May 27 that it would stop auctioning gold bars and would implement an alternative stabilization plan as soon as possible, expected to start from June 3, 2024.
Following the Prime Minister's direction, implementing the policy of bidding to sell gold bars to increase supply to the market to stabilize gold prices, from April 19, 2024 to present, the State Bank has organized 9 auctions to sell gold bars to the market.
At the end of the 9th gold auction held on May 23, 11 units won the bid with a total volume of 134 lots, equivalent to 13,400 taels of gold.
Thus, after 9 auctions for SJC gold bars, 6 auctions were successful with a total winning volume of 48,500 taels. The remaining auctions were unsuccessful due to insufficient members depositing and bidding.
The State Bank of Vietnam organized gold auctions to increase supply to neutralize market demand, thereby "cooling down" gold prices. However, this goal has not been achieved as expected.
Currently, the price of SJC gold is still fluctuating between 87.9 - 89.9 million VND/tael, 17.9 million VND/tael higher than the world gold price at the same time.
According to Tran Ngoc/VOV
Source: https://doanhnghiepvn.vn/kinh-te/48-500-luong-vang-dau-thau-thanh-cong-lieu-luong-cung-co-du-binh-on-gia/20240528104639283
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