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Friday, June 21, 2024

Vietnam to halt gold actions

By Nguyen Tan

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HCMC – Vietnam’s central bank will stop gold bar auctions from June 3 and will explore other ways to stabilize the domestic gold market.

The State Bank of Vietnam (SBV) announced the suspension on May 27, saying it will find alternative solutions to address the gap between domestic and global gold prices as soon as possible.

Since April 22, the SBV has conducted nine auctions of SJC gold bars. Six of these auctions were successful, with 48,500 taels of gold (around 1.8 tons) sold to gold trading companies and banks. Each tael weighs 37.5 grams or 1.2 troy ounces.

The auctions aimed to increase supply and meet market demand, thereby cooling domestic gold prices. However, the effort has not fully achieved its goal of narrowing domestic and global gold prices.

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