Gold auction is not really effective
In the context of the strong fluctuations in domestic gold prices, continuously reaching new peaks; the gap between world gold prices and domestic gold prices continuously escalates. According to Lao Dong, the highest price of SJC gold bars at one point reached 92 million VND/tael.
In order to increase supply and stabilize the market, the State Bank of Vietnam organized an auction of SJC gold bars from April 22, 11 years after the first gold auction in 2013.
According to statistics, since April 22, the State Bank has organized a total of 9 auctions. Of these, 6 were successful, releasing more than 48,000 taels of gold bars to the market.
However, according to many National Assembly deputies, this solution to increase supply is not really effective. The way the recent gold auctions were conducted still had many loopholes, the minimum bid price was still high, leading to the units winning the bid having difficulty selling at a lower price.
From that, Mr. Tran Van Lam - Standing Member of the Finance and Budget Committee said that the State Bank needs to reduce the minimum bidding price to be reasonable with domestic production costs, plus import costs and other costs.
Alternative voltage stabilizer
In order to continue effectively implementing the directions of the Government and the Prime Minister on handling the high difference between domestic SJC gold bar prices and world prices, the State Bank will adjust the plan to stabilize the gold market.
Accordingly, the State Bank will stop auctioning gold bars and will implement an alternative stabilization plan as soon as possible, expected to start from June 3, 2024.
Source: https://laodong.vn/kinh-doanh/chinh-thuc-dung-dau-thau-vang-mieng-1345516.ldo
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