State Bank suddenly stops gold auction, implements new price stabilization plan

The announcement to stop gold auctions was just made by the State Bank on the evening of May 27.

According to the announcement, the State Bank said that in order to continue effectively implementing the instructions of the Government and the Prime Minister on handling the high difference between the domestic and world prices of SJC gold bars, the State Bank will adjust the plan to stabilize the gold market.

Accordingly, this place will stop bidding for gold bars, but will implement an alternative stabilization plan as soon as possible, expected to start from June 3.

The specific plan has not been disclosed by the State Bank.

Previously, the State Bank had organized 9 gold auctions to increase the supply of gold to the market, contributing to stabilizing the gold market. However, only 6 auctions were successful.

The amount of gold that the State Bank has supplied to the market is a total of 48,500 taels of SJC gold bars, equivalent to more than 1.8 tons of gold.

In the most recent auction held on May 23, 11 members won the bid with a total winning volume of 13,400 taels of gold.

The highest winning bid price is 88.73 million VND/tael, the lowest winning bid price is 88.72 million VND/tael.

Regarding the management of gold trading activities, on May 23, the State Bank announced an inspection of compliance with policies and laws in gold trading activities.

Accordingly, the inspection subjects include: Tien Phong Commercial Joint Stock Bank, Vietnam Import-Export Commercial Joint Stock Bank, Saigon Jewelry Company Limited (SJC), Doji Jewelry Group Joint Stock Company, Phu Nhuan Jewelry Joint Stock Company, Bao Tin Minh Chau Company Limited.

The inspection team will conduct inspections in accordance with the provisions of the Inspection Law and related regulations, focusing on the following contents: Inspection of compliance with legal provisions on gold trading activities; inspection of compliance with legal provisions on anti-money laundering.

In addition, it is necessary to inspect the compliance with legal regulations on accounting regime, preparation and use of invoices and documents; and on declaration and implementation of tax obligations.

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.

Source: https://phunuvietnam.vn/ngan-hang-nha-nuoc-bat-ngo-dung-dau-thau-vang-trien-khai-phuong-an-binh-on-gia-moi-20240527215839527.htm