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Central bank plans to auction gold bars on April 22

The State Bank of Vietnam (SBV) will auction SJC-branded gold bars on April 22, a representative of the central bank said on April 19.
Central bank plans to auction gold bars on April 22 ảnh 1The State Bank of Vietnam (SBV) will auction SJC-branded gold bars on April 22. (Photo: VNA)
Hanoi (VNA) – The State Bank of Vietnam(SBV) will auction SJC-branded gold bars on April 22, a representative of the central bank said on April 19.

Speaking at a press conference on the SBV’soperations in the first quarter of this year, Deputy Director of the SBV's Foreign Exchange Management Department Dao Xuan Tuan said the centralbank will send a notice to 15 businesses which as eligible to buy gold bars on April 19 afternoon.

Preparations for the auction have been completed,the official said, noting that the sale is expected to boost the supply of theprecious metals amid record high prices, thus ensuring the safe, stable,healthy, transparent and effective operation of the domestic market asrequested by the Prime Minister.

A minimum price will be set and bidders will have 30minutes to determine the price and volume they want. The winning bids will beannounced one hour after the auction closes.

Prospective buyers need to place a deposit to join theauction no later than 5:00pm on the day they receive the official notice.  

The last time the central bank sold gold bars was in 2013when over 1.8 million taels were offloaded, with a total of 76 auctions. A tael equals 37.5 grams or 1.2 ounces.

Gold bullion was traded at 81.8 million VND (3,213USD) for buying and 83.82 million VND for selling on April 19, a drop of about300,000 VND as compared with the previous section.

The central bank has sent documents to ministriesand agencies, asking for their coordination in implementing the Prime Minister’sinstructions in gold market management.

It also asked its branches in cities and provincesto work together with competent agencies in localities to intensify inspectionand supervision over gold business, and handle any violation of regulations./.
VNA
#State Bank of Vietnam #SJC gold bars #Foreign Exchange #supply #bidders #gold market #Vietnam News Agency #Vietnamplus
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