State Bank will auction SJC gold bars on April 22

At the press conference to inform about the banking performance in the first quarter of 2024, Deputy Governor of the State Bank Dao Minh Tu pointed out that the reason for the upward trend in international gold prices since the beginning of the year is because investors expect the US Federal Reserve (Fed) to cut interest rates soon this year, causing the USD index to decline;

Demand for gold is increasing, central banks of some countries are increasing their gold purchases, concerns about the Russia-Ukraine conflict, tensions in the Middle East...

Domestically, the average price of SJC gold bars fluctuates upward following the international gold price. The SBV leaders affirmed that they always closely monitor developments in the domestic and international gold market to have appropriate adjustment solutions.

Mr. Tu informed that the State Bank is implementing measures to support the gold market, selling gold bars to increase supply to the market through bidding. The bidding of gold bars will contribute to supplying more gold to the market, ensuring supply and demand.

Regarding the issue of gold bar auction, Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department - State Bank emphasized that the State Bank has carefully prepared for the SJC gold bar auction, aiming to increase gold supply according to the direction of the Prime Minister.

Finance - Banking - State Bank will auction SJC gold bars on April 22

Accordingly, on the afternoon of April 19, the State Bank will announce the bidding policy to 15 qualified units to participate in the bidding. The bidding will be conducted next Monday, April 22.

Thus, after 11 years, the State Bank will auction gold bars again to increase the supply of gold to the market. Previously in 2013, the State Bank conducted 76 auctions, offering a total of more than 1.93 million taels of gold to the market and successfully sold more than 1.81 million taels, equivalent to 69.9 tons of gold. Of this, more than 30 tons were purchased by credit institutions to liquidate gold, with only nearly 40 tons of gold remaining for sale to the market.

Providing more information about the increase in gold supply, Mr. Dao Xuan Tuan said that the import of raw gold for enterprises producing gold jewelry and fine art has been allowed. There are regulations on the production and import of gold.

The import of raw gold for enterprises with foreign manufacturing contracts is being carried out without any problems.

Regarding the gold market management policy, the Director of the Foreign Exchange Department said that the State Bank has submitted to the Government a summary of Decree 24 on the management of gold trading activities .

Source