Central bank suspends gold bar auctions

The State Bank of Vietnam (SBV) has halted its gold bullion auctions, and will introduce a new strategy to stabilize gold prices as early as June 3.

From April 19, the SBV held nine auctions to sell gold bars to the market. Six of them were successful, releasing a total of 48,500 taels of gold.

However, the remaining auctions were cancelled due to a lack of participating members placing deposits and bids. All auctions involved SJC-branded gold bars.

The central bank also announced plans to conduct inspections of gold trading activities in commercial banks such as TPBank and Eximbank, and gold traders like SJC, Doji, Phu Nhuan, and Bao Tin Minh Chau.

The focus will be on transactions made between January 1, 2020, and May 15, 2024, with the possibility of extending the investigation beyond this timeframe if deemed necessary./.