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SBV to hold gold auction next week

The Saigon Times

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HCMC – The State Bank of Vietnam (SBV) is set to conduct a gold auction on Monday, April 22, Dao Xuan Tuan, deputy director general of the SBV’s Foreign Exchange Management Department, told a press conference today, April 19, on the SBV’s first quarter performance.

Out of the 26 commercial banks and gold trading firms authorized for gold bar trading with the SBV, only 15 are eligible for the auction and auction notices have been sent to them.

Participants must deposit funds by 5:00 p.m. on the day of receiving the bidding notification to participate in the auction.

Upon announcement of the floor price, credit institutions and gold trading companies will have a 30-minute window to fill out the bid form, specifying quantity and price.

Results will be determined by the SBV one hour after the bidding closes.

The auction will feature SJC gold bars already in stock, with a tael of SJC gold (equivalent to 37.5 grams or 1.2 troy ounces) currently being VND4.2 million higher than the global price.

At the conference, the SBV also mentioned a proposal for amending Decree No. 24/2012/ND-CP in a way that abolishes the monopoly on SJC gold bars in the Vietnamese market and introduce more gold bar brands.

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