Specifically, the total volume of gold bars expected to be auctioned is 16,800 taels. The deposit rate is 10%. The reference price to calculate the deposit value is 88.6 million VND/tael. The volume of 1 lot is 100 taels.
In this auction, the State Bank said the minimum bidding volume is 5 lots, equivalent to 500 taels. In addition, the maximum bidding volume a member is allowed to bid is 40 lots (4,000 taels).
Bid price step 10,000 VND/tael. Bid volume step 1 lot (100 taels). Each bidding member can only register 1 minimum price equal to or higher than the floor price announced by the State Bank.
On May 16, the State Bank successfully bid for 123 lots equivalent to 12,300 taels of gold with a total of 11 winning bidders.
Accordingly, the highest winning bid price was 88.92 million VND/tael, the lowest winning bid price was 88.89 million VND/tael.
The State Bank said that the 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.
On May 17, the State Bank of Vietnam issued Decision No. 324/QD-TTGSNH2 to inspect the compliance with policies and laws in gold trading activities of credit institutions and enterprises operating in gold trading.
Accordingly, the inspection contents include: Compliance with legal regulations on gold trading activities; compliance with legal regulations on anti-money laundering.
At the same time, inspect compliance with legal regulations on accounting regime, preparation and use of invoices and documents; on declaration and performance of tax obligations.
The content of the decision clearly states: The inspection period is from January 1, 2020 to May 15, 2024. If necessary, the inspection can be conducted before or after the above period.
The State Bank said: The inspection team has the participation of representatives from ministries and branches: Government Inspectorate, Ministry of Public Security , Ministry of Finance, Ministry of Industry and Trade. The inspection period is 45 days and the inspection team will conduct the inspection in accordance with the provisions of the Inspection Law and related regulations.
The decision was made based on Official Dispatch No. 5257-CV/BNCTW dated February 5, 2024 of the Central Internal Affairs Committee; Official Dispatch No. 23/CD-TTg dated March 20, 2024 of the Prime Minister on strengthening measures to manage the gold market; Directive No. 14/CT-TTg dated May 2, 2024 of the Prime Minister on implementing the tasks of monetary policy management in 2024, focusing on removing difficulties for production and business, promoting growth and stabilizing the macro economy.
In recent times, implementing the direction of the Government and the Prime Minister, the State Bank has deployed many solutions to intervene and stabilize the gold market through gold bar auctions to increase supply in the market. Accordingly, the State Bank has widely publicized information related to the bidding and results of gold bar auctions on the State Bank's electronic information portal.
From April 19, 2024 to present, the State Bank has organized 7 auctions to sell SJC gold bars to increase supply to the market; of which, 4 auctions were successful with a total winning volume of 27,200 taels (equivalent to about 1.02 tons).
In the coming time, in the face of fluctuations in gold prices in the international gold market, the State Bank will coordinate with relevant agencies to continue implementing comprehensive solutions in accordance with regulations and management and control of the gold market with the goal of completely handling the high difference between domestic and international gold bar prices.
The State Bank recommends that people be cautious when participating in gold transactions to minimize risks.
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