Stop gold auction, implement new price stabilization plan

According to information released by the State Bank tonight, May 27, 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 will adjust the plan to stabilize the gold market.

State Bank stops auctioning SJC gold bars

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

Previously, in the latest gold auction on May 23, 11 members won the bid for 13,400 taels of gold with the lowest price of VND88.72 million and the highest price of VND88.73 million. The winning bid price was higher than the buying price of business units in the market on the morning of May 23 at VND900,000 - 930,000/tael, and lower than the selling price by VND1.08 million/tael.

Stop gold auction, implement new price stabilization plan

From April 19 to now, the State Bank has organized a total of 9 SJC gold bar auctions, of which 3 had to be canceled. The total winning gold volume was 48,500 taels.

Regarding the management of gold trading activities, on May 23, the State Bank organized an inspection of compliance with policies and laws in gold trading activities.

Accordingly, the inspection subjects include: Tien Phong Commercial Joint Stock Bank, Vietnam Joint Stock Commercial Bank for Industry and Trade, Saigon Jewelry Company Limited (SJC), Doji Jewelry Group Joint Stock Company, Phu Nhuan Jewelry Company Limited, Bao Tin Minh Chau Company Limited.

The inspection team will conduct inspections in accordance with the provisions of the Inspection Law and related regulations, focusing on the following contents: inspection of compliance with legal provisions on gold trading activities; inspection of compliance with legal provisions on anti-money laundering.

In addition, it inspects compliance with legal regulations on accounting, preparation and use of invoices and documents; and on declaration and implementation of tax obligations.

Inspection period from January 1, 2020 to May 15, 2024, if necessary, inspection can be conducted before or after the above period.

Source: https://thanhnien.vn/dung-dau-thau-vang-trien-khai-phuong-an-binh-on-gia-moi-185240527201309841.htm