DNVN - The State Bank of Vietnam said it will stop auctioning gold bars and will implement an alternative stabilization plan as soon as possible (expected to start from June 3).
Previously, the State Bank conducted a number of gold bar auctions since the end of April 2024. After a number of unsuccessful auctions due to insufficient number of bidders, some recent auctions have yielded results with an increase in the number of winning bidders and the volume of winning bids.
According to regulations, to participate in gold auctions, bidding members must meet the conditions prescribed in Circular No. 06/2013/TT-NHNN dated March 12, 2013 of the Governor of the State Bank guiding the buying and selling of gold bars in the domestic market and Decision 563/QD-NHNN of the State Bank dated March 18, 2013 on the process of buying and selling gold bars.
In the most recent auction, the total volume of SJC gold bars won in this session was 13.4 trillion VND. The highest winning bid was 88.73 million VND/tael of gold and the lowest winning bid was 88.72 million VND/tael of gold. In this auction, the total volume of gold bars put up for bid by the State Bank was 16.8 thousand taels.
The State Bank will adjust its plan to stabilize the gold market, expected to start from June 3.
The State Bank said that in order to continue effectively implementing the directions of the Government and the Prime Minister on handling the high difference between domestic and world SJC gold bar prices, the State Bank of Vietnam will adjust the gold market stabilization plan, expected to start from June 3.
The State Bank also said it will inspect gold trading activities including Tien Phong Commercial Joint Stock Bank, Vietnam Export Import Commercial Joint Stock Bank, Saigon Jewelry Company Limited (SJC), Doji Jewelry Group Joint Stock Company, Phu Nhuan Jewelry Joint Stock Company, and Bao Tin Minh Chau Company Limited.
The inspection period is from January 1, 2020 to May 15, 2024. If necessary, the inspection can be conducted before or after the above period.
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Source: https://doanhnghiepvn.vn/kinh-te/dung-dau-thau-vang-mieng-thay-the-bang-phuong-an-binh-on/20240528094133400
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