Vietnam to hold gold bullion bidding session to stabilise domestic market
VOV.VN - The State Bank of Vietnam (SBV) is scheduled to hold a gold bullion bidding session on April 17 after 11 years of suspension in an effort to stabilize the domestic gold market that has made national headlines in recent times.
So far a total of 15 commercial banks and gold trading enterprises are qualified to participate in the bidding session.
The bidding session is to increase gold bar supply and to handle the existing huge gaps that exist between SJC gold prices and the world prices.
In the first bidding session held in March 2013, about 1,819,900 out of the 1,932,000 taels of gold bullion were sold.
This year domestic gold prices have increased strongly, recently setting new records and widening the gap with the global prices.
At 10 a.m. on April 15, SJC gold was listed at VND84.2 million for buying and VND85.5 million for selling per tael, an increase VND600,000 per tael compared to the previous trading session.
SJC gold buying prices were estimated to increase by 17.5% and selling prices by 15.4% in comparison with the beginning of this year, the SBV reported.
Elsewhere, the price of gold on the world market on April 15 was traded at US$2,357 per ounce on the gold exchange Kitco, up US$15 per ounce compared to the previous trading session.
Given the growth of the domestic gold bars, the disparity between the domestic and global prices is now at nearly VND12.2 million per tael.
