State Bank of Vietnam to resume gold bar bidding after 11 years
The State Bank of Vietnam (SBV) will resume gold bar bidding after 11 years, aiming to increase the supply of gold to the market, promptly and immediately settle the high difference in domestic and international gold prices, thus ensuring the gold market operates in a safe and stable, healthy, open, transparent and effective manner under the Prime Minister's direction.
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| State Bank of Vietnam to resume gold bar bidding after 11 years. (Photo: VNA) |
The SBV said that it will release a notice one day before the bidding. After the floor price is announced, credit institutions and gold businesses will have 30 minutes to decide the purchase volume and price. One hour after closing the bid, the bank will announce the results. Businesses will have to deposit to participate in the bidding no later than 5 pm on the day of receiving the bidding notice.
So far, 26 units, including commercial banks and gold businesses have set up a gold bar trading relationship with the SBV. Of these, 15 have been eligible for bidding. The type of gold offered for bidding is SJC gold bars.
The first gold bidding session was held on March 28, 2013. In that year, the SBV organized 76 bidding sessions, during which 1,819,900 out of the 1,932,000 taels of gold bullion were sold.
SBV Deputy Governor Pham Thanh Ha said that the move is part of the bank’s efforts to deal with the high difference in domestic and international gold bar prices. The official added that the bank will continue to roll out various measures to stabilize gold prices.
Since the beginning of this year, domestic gold prices have increased strongly, recently setting new records and widening the gap with global prices.
At 1:30 pm on April 15, the Saigon Gems and Gold One Member Limited Liability Company listed SJC gold prices at 83.3 million VND per tael for buying and 85.52 million VND per tael for selling, an increase of 3 million VND per tael for buying and 2.6 million VND per tael for selling compared to the previous trading session.
(Source: VNA)
