State Bank supplies 48,500 taels of gold to the market through 6 auctions

The State Bank of Vietnam (SBV) has just announced the results of the gold bar auction in the morning session on May 23.

Accordingly, 11 members won the bid for 34 lots, equivalent to a total winning bid volume of 13,400 taels of gold. The lowest winning bid price was 88.72 million VND and the highest winning bid price was 88.73 million VND.

Previously, the State Bank of Vietnam issued a document announcing the organization of the SJC gold bar auction at 9:30 a.m. on May 23, 2024. The reference price for calculating the deposit price is VND 88.9 million/tael, an increase of VND 300,000 compared to the session on May 21 at VND 86.6 million .

The remaining parameters are similar to previous sessions, specifically, the gold bar exchange rate of 1 transaction lot is 100 taels. The deposit rate is 10%. The minimum volume a member is allowed to bid is 5 lots (equivalent to 500 taels).

The maximum volume a member is allowed to bid is 40 lots (equivalent to 4,000 taels). The bid price step is 10,000 VND/tael, the bid volume step is 1 lot (100 taels).

Thus, this was the 6th successful auction of the State Bank, supplying the market with a total of 49,400 taels of SJC gold bars.

In the most recent session on May 21, 9 members won bids for 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.

In the market, before the auction, the gold prices of domestic brands all decreased sharply. In particular, the listed SJC gold price for buying and selling was at 87.8-89.8 million VND/tael, down 1.1 million VND compared to the previous session. The difference between buying and selling was 2 million VND/tael.

In the program of the 7th session of the National Assembly on the morning of May 23, at group 14, delegate Pham Van Hoa - member of the Law Committee of the National Assembly, the National Assembly delegation of Dong Thap province also mentioned that the management of the gold market still has many shortcomings. According to Mr. Hoa, the State Bank's gold auction is only a temporary solution because the gold price has not decreased but tends to increase.

The delegate from Dong Thap said that it is necessary to soon remove the monopoly of gold bars and gold imports of the State Bank; amend and supplement Decree 24 of the Government to allow enterprises to import raw gold and print gold bars under the strict management of the State Bank.

At the Hanoi delegation, delegate Pham Duc An (Hanoi delegation) emphasized that Decree 24 has lost its historical value. According to the delegate, it is necessary to be extremely careful in gold management, if investing in international gold, we may lose more than we gain and may return to the previous gold-ization situation.

“The fact that the State Bank is auctioning gold is only a phenomenon in the early stages. In the coming time, the authorities need to perfect appropriate management methods and policies for gold to avoid goldification,” said delegate Pham Duc An .

Source: https://www.nguoiduatin.vn/nhnn-cung-ung-ra-thi-truong-48500-luong-vang-qua-6-phien-dau-thau-a664925.html