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The State Bank of Vietnam called for bids for gold bars for the 9th time with a reference price of VND88.9 million per tael, the total volume of gold bars still expected to be bid is 16,800 taels.
On the afternoon of May 22, the State Bank announced that it will continue to organize the SJC gold bar auction at 9:30 a.m. on May 23.
Accordingly, the total volume of gold bars still expected to be auctioned is 16,800 taels. The deposit rate is 10%. The reference price to calculate the deposit value is 88.9 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 place 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.
Experts expect that with the drastic intervention of the State Bank and increased supervision, the gold market will stabilize and can help reduce unnecessary fluctuations.
On May 21, the State Bank successfully bid for 79 lots equivalent to 7,900 taels of gold with 9 winning bidders. The highest winning bid was VND89.42 million/tael, the lowest winning bid was VND89.42 million/tael.
From April 19, 2024 to present, the State Bank has organized 8 auctions to sell SJC gold bars to increase supply to the market, of which 5 were successful with a total winning volume of 35,100 taels of gold.
In theory, bidding is a solution to increase supply to neutralize market demand, thereby helping to "cool down" the price of gold bars to be closer to the world price. However, experts all see this as only a temporary solution, and in the long term, the monopoly of gold bars needs to be eliminated.
According to the State Bank, this agency, together with the Government Inspectorate, the Ministry of Public Security, the Ministry of Finance, and the Ministry of Industry and Trade, has established an inspection team to inspect the implementation of policies and laws in gold trading activities of credit institutions and enterprises operating in gold trading. The inspection period is from January 1, 2020 to May 15, 2024, and if necessary, inspections can be conducted before or after the above period.
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