State Bank continues to successfully bid for 7,900 taels of gold

The State Bank has just announced the results of the auction of 16,800 taels of gold on May 21, according to which 9 members won 79 lots, equivalent to a total volume of 7,900 taels of gold. The lowest and highest winning bid prices were both VND89.42 million/tael.

Previously, on May 20, the State Bank announced a gold bar auction with the reference price to calculate the deposit value decreased by VND 290,000 compared to the session on May 16, from VND 88.89 million/tael to VND 88.6 million/tael.

Other gold auction regulations are similar to the previous session, including the minimum auction volume that a member is allowed to bid is 5 lots (equivalent to 500 taels). The maximum auction volume that a member is allowed to bid is 40 lots (equivalent to 4,000 taels).

The bidding price step is 10,000 VND/tael, the bidding volume step is 1 lot (100 taels). Auction participants will have to deposit 10% of the registered volume value (according to the reference price).

Thus, this was the 5th successful auction of the State Bank, supplying the market with a total of 35,100 taels of SJC gold bars.

In the most recent auction on May 16, 11 members won 123 lots, equivalent to a total volume of 12,300 taels of gold. The lowest winning bid was VND88.89 million/tael and the highest winning bid was VND88.92 million/tael.

In the market, in the morning session of May 21, the listed SJC gold price was 88.5-90.5 million VND/tael, down 500,000 VND compared to the previous session. The difference between buying and selling was 2 million VND/tael.

On May 17, the State Bank of Vietnam issued Decision No. 324 on the inspection of compliance with policies and laws in gold trading activities of credit institutions and enterprises operating in gold trading.

Specifically, the State Bank will inspect compliance with legal regulations on gold trading activities; inspect compliance with legal regulations on anti-money laundering; inspect compliance with legal regulations on accounting, preparation and use of invoices and documents; and on declaration and performance of tax obligations.

The content of the Decision clearly states that 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.

The inspection team includes representatives from the Government Inspectorate, the Ministry of Public Security, the Ministry of Finance, and the Ministry of Industry and Trade. The inspection period is 45 days. The inspection team will conduct the inspection in accordance with the provisions of the Inspection Law and related regulations .

Source: https://www.nguoiduatin.vn/ngan-hang-nha-nuoc-tiep-tuc-dau-thau-thanh-cong-7-900-luong-vang-a664577.html