Stopping gold bar auctions, the State Bank adjusts stabilization plan

The State Bank has stopped auctioning gold bars and will implement an alternative stabilization plan as soon as possible, expected to start from June 3, 2024.

Stopping gold bar auctions, the State Bank adjusted the market stabilization plan from June 3.

In order to continue effectively implementing the Government and Prime Minister's instructions on handling the high difference between domestic SJC gold bar prices and world prices, on the evening of May 27, the State Bank of Vietnam announced that it would adjust the plan to stabilize the gold market.

Accordingly, the State Bank will stop auctioning gold bars and will implement an alternative stabilization plan as soon as possible, expected to start from June 3, 2024.

From April 19, 2024 to present, the State Bank has organized 9 auctions to sell SJC gold bars to increase supply to the market, of which 6 were successful with a total winning volume of 48,500 taels of gold.

The State Bank auctions gold bars to reduce the gap between domestic and world gold prices. However, after each auction, the domestic price of SJC gold bars increases.

The price of SJC gold bars ended the session on May 27 at 87.90 - 89.90 million VND/tael, an increase of nearly 7 million VND/tael compared to before the first auction session (April 23) and about 17 million VND/tael higher than the converted world gold price.

Source: https://baolaocai.vn/dung-dau-thau-vang-mieng-ngan-hang-nha-nuoc-dieu-chinh-phuong-an-binh-on-post384636.html