This afternoon (April 25), the State Bank announced the cancellation of the auction of 16,800 taels of SJC gold bars.
The State Bank has just issued a document announcing the cancellation of the gold bar auction on the morning of April 25. The reason given is that only one unit submitted a bid. According to the previous announcement, the auction took place at 9am this morning. The State Bank stated that the deposit rate when participating in the auction is 10%.
In addition, the minimum bidding volume that a member is allowed to bid is 14 lots equivalent to 1,400 taels, the maximum volume is 20 lots equivalent to 2,000 taels. The bidding price step is 10,000 VND/tael, the bidding volume step is 1 lot equivalent to 100 taels.
The SJC gold auction this morning was canceled again. Illustrative photo.
The State Bank also stipulates that each bidding member can only register 1 minimum price equal to or higher than the floor price announced by the State Bank. The State Bank organizes the bidding at the State Foreign Exchange Reserve Management Department ( Hanoi City). The location for gold delivery and receipt is at the Issuance and Treasury Department - State Bank, in Ho Chi Minh City.
Credit institutions and enterprises participating in the bidding must meet all conditions prescribed by the State Bank.
Previously, the first bidding session, which was supposed to take place on the morning of April 22, was also canceled due to insufficient members registering to bid and transferring deposits.
On the morning of April 23, the State Bank held an auction for 16,800 taels of SJC gold bars , after 11 years of stopping this activity. However, only two units, SJC andACB, decided to vote and won the bid for 3,400 taels, equivalent to 20% of the bid size.
The State Bank said that this gold bar auction is aimed at timely intervention, immediately handling the situation of high difference in domestic gold bar prices and world gold prices, ensuring the gold market operates stably, healthily, openly, transparently and effectively, in accordance with the Prime Minister's direction.
According to economic experts, gold auction is one of the necessary measures to create the fastest supply for SJC gold bars and to cool down the current gold price "fever".
Economist Nguyen Tri Hieu said that the State Bank pushing a large amount of gold into the market will cool down the current "fever". Currently, the limited supply and high demand create instability in the gold market, pushing up the price of gold. Therefore, when the State Bank bids and puts a large amount of gold into circulation, it will certainly reduce the price of gold. But according to Mr. Nguyen Tri Hieu, if we want the price of gold to decrease further, narrowing the gap between the price of gold in Vietnam and the world price of gold, we need more auctions.
According to Thuy Linh/VTV.vn
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