The State Bank will auction gold bars this week, after more than 10 years of stopping this activity.
On April 15, the State Bank announced that this week it will increase the supply of gold bars to the market through auctions. The regulatory agency will send a notice one day in advance to credit institutions and businesses. They must deposit to participate, no later than 5 p.m. on the day of receiving the notice.
After the State Bank announces the floor price, the units will have 30 minutes to decide on the volume and purchase price. The winning result will be announced by the executive agency one hour after the end of the session.
Currently, 26 units, including commercial banks and gold trading enterprises, have transactions with the State Bank. To date, 15 units are eligible to participate.
The first gold auction was held by the State Bank on March 28, 2013. At that time, 1.8 million taels were sold to the market after 76 sessions.
Today, domestic precious metals fluctuated strongly. The price of SJC gold at many listed businesses was over 85 million VND in the early afternoon, then dropped below this price. At the end of the trading session this afternoon, the selling price of gold bars fell to nearly 84 million VND per tael, and the buying price was 82.1 million VND. The difference between buying and selling prices was maintained by gold shops at 2 million VND.
Recently, the domestic gold price has fluctuated strongly and maintained a high difference compared to the world . The price of SJC gold bars is currently 12-13 million VND higher per tael than the world price, down from the previous difference of 18-20 million VND, but still at a high level. Compared to 24K plain gold rings of the same content, each tael of gold bar is about 6-9 million VND higher per tael.
To stabilize the market, Prime Minister Pham Minh Chinh last week asked the State Bank to immediately address the gap between domestic and international gold prices. The State Bank later said it would increase gold supply to reduce this gap. The management agency is also ready to intervene and inspect gold trading activities of enterprises and credit institutions in 2022-2023.
Quynh Trang
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