State Bank of Vietnam stops auctioning gold bars

The State Bank of Vietnam will adjust the plan to stabilize the gold market.

On the evening of May 27, the State Bank of Vietnam announced: In order to continue effectively implementing the instructions of the Government and the Prime Minister on handling the high difference between domestic SJC gold bar prices and world prices, the State Bank of Vietnam will adjust the plan to stabilize the gold market.

Accordingly, the State Bank of Vietnam will stop auctioning gold bars and will implement an alternative stabilization plan as soon as possible, expected to start from June 3, 2024.

Previously, according to the representative of the State Bank of Vietnam, recently, implementing the direction of the Government and the Prime Minister, the State Bank of Vietnam has deployed solutions to intervene and stabilize the gold market through gold bar auctions to increase supply in the market.

The State Bank of Vietnam shall widely publicize information related to the bidding and results of gold bar bidding on the State Bank of Vietnam's electronic information portal.

From April 19 to now, the State Bank of Vietnam has organized 9 auctions to sell SJC gold bars to increase supply to the market; of which 6 were successful with a total winning volume of 48,500 taels of gold.

Source