The State Bank of Vietnam halts gold auctions

The State Bank of Vietnam (SBV) has decided to halt its gold bullion auctions and will introduce a new strategy to stabilize gold market as early as June 3, the central bank announced on May 27.

The SBV has sold 48,500 taels of SJC-branded gold bullion to the market through nine auctions since April 19.

In the latest auction that took place on May 23, there were 11 commercial banks and enterprises winning bids to buy 13,400 taels of gold bullion, accounting for nearly 80% of the total offer in this auction.

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 placed on transactions made between January 1, 2020, and May 15, 2024, with investigation possibly being extended, if necessary.