Central bank 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 in accordance with the Prime Minister's direction.
Central bank will resume gold bar bidding after 11 years (Photo: VNA)
Hanoi (VNA) – The State Bank of Vietnam (SBV) willresume gold bar bidding after 11 years, aiming to increase the supply of goldto the market, promptly and immediately settle the high difference in domesticand international gold prices, thus ensuring the gold market operates in a safeand stable, healthy, open, transparent and effective manner in accordance withthe Prime Minister's direction.
The SBV said that it will release a notice one dayprior to the bidding. After the floor price is announced, credit institutionsand gold businesses will have 30 minutes to decide the purchase volume andprice. One hour after closing the bid, the bank will announce the results.Businesses will have to make a deposit to participate in the bidding no later than5pm on the day of receiving the bidding notice.
So far, 26 units, including commercial banks andgold businesses have set up a gold bar trading relationship with the SBV. Ofwhich, 15 have been eligible for bidding. The type of gold offered for biddingis SJC gold bars.
The first gold bidding session was held on March28, 2013. In that year, the SBV organised 76 bidding sessions, during which1,819,900 out of the 1,932,000 taels of gold bullion were sold.
SBV Deputy Governor Pham Thanh Ha said that themove is part of the bank’s efforts to deal with the high difference in domesticand international gold bar prices. The official added that the bank willcontinue to roll out various measures to stabilise gold prices.
Since the beginning of this year, domestic goldprices have increased strongly, recently setting new records and widening thegap with the global prices.
At 1:30pm on April 15, the Saigon Gems and GoldOne Member Limited Liability Company listed SJC gold prices at 83.3 million VNDper tael for buying and 85.52 million VND per tael for selling, an increase of3 million VND per tael for buying and 2.6 million VND per tael for sellingcompared to the previous trading session./.
The price of SJC gold bars rose to nearly 81 million VND (3,266 USD) per tael (one tael is equivalent to 1.33 ounces) in the last trading session of the first quarter (March 30), up 8% from the outset of the quarter.
Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to keep a close watch on international and domestic gold prices, and put in place measures and tools in a timely and effective way to regulate the gold market in line with regulations.
The State Bank of Vietnam (SBV) will increase the supply of gold bullion to handle the existing huge difference in domestic and world gold prices, SBV Deputy Governor Pham Thanh Ha told the press on April 12.
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Central bank will resume gold bar bidding after 11 years (Photo: VNA) 
