Including the 7,900 taels of gold bars SJC won today, the State Bank has released 35,000 taels to the market in the past month.
At the 8th auction organized by the State Bank this morning, 9 banks and businesses bought 7,900 taels of SJC gold bars (equivalent to nearly half of the bidding scale) at the same price of 89.42 million VND. per quantity.
Accordingly, the price businesses buy “wholesale” from the State Bank is 900,000 VND per tael higher than the price Saigon Jewelry Company (SJC) buys from people and 2.9 million VND lower than with market price.
This morning, the price of gold bars at business units also decreased according to world developments. SJC listed gold bar prices at 88.5 – 90.5 million VND, down 500,000 VND in both directions and maintaining a difference of more than 16 million VND compared to the world.
On the international market, each ounce of spot gold dropped to 2,415 USD after peaking yesterday, converted at Vietcombank exchange rate, equivalent to 74.1 million VND per tael.
Thus, within the past month, the State Bank has called for bids 8 times and had 5 successful sessions. In total, the management agency released 35,000 taels of SJC gold bars to the market.
After the first “sluggish” bidding sessions, the State Bank relaxed the conditions on the minimum and maximum bidding scale. According to the operator, this adjustment has helped in recent sessions to increase the number of participating members and the scale of gold supplied to the market.
In theory, bidding is a solution to increase supply to neutralize market demand, thereby helping to cool gold bar prices closer to the world level. However, experts all recognize that this is only a temporary solution, but in the long term, the gold bar monopoly needs to be eliminated.