Vietnam holds gold bullion bidding session today
VOV.VN - The State Bank of Vietnam (SBV) is scheduled to hold a gold bullion bidding session on April 17 in an effort to increase the supply of gold bullion and stabilize the domestic gold market that has made national headlines in recent times.
This is one of the bold solutions raised by the SBV after the Prime Minister asked for prompt efforts to be taken to stabilise the domestic gold market, ensuring its transparent, healthy and efficient operation.
At a recent meeting about the domestic gold market, the PM asked the central bank to promptly implement solutions to effectively manage the gold market, especially handling the existing huge gaps between SJC gold prices with the world prices.
The focus will be on ensuring supply of raw materials for the production and gold bullion and jewellery and increasing the export of gold jewellery.
The PM also asked inspections to be enhanced on gold business to prevent smuggling, speculation and price manipulation. Violations must be strictly handled.
This year domestic gold prices have increased strongly, setting new records and widening the gap with the global prices. The disparity between the domestic and global prices is now at nearly VND12.2 million per tael.
The bidding session is to increase gold bar supply and to handle the existing huge gaps that exist between SJC gold prices and the world prices.
So far a total of 15 commercial banks and gold trading enterprises are qualified to participate in the bidding session.
This is the second time the State Bank of Vietnam has conducted the gold bullion bidding session after the first one held 11 years ago.
In the first bidding session held in March 2013, about 1,819,900 out of the 1,932,000 taels of gold bullion were sold.
