VIETNAM’S central bank will stop auctioning gold in the domestic market and launch a new measure to stabilise prices of the precious metal, it said on Monday (May 27).
The central bank, formally known as the State Bank of Vietnam, has held several gold auctions since Apr 23 aimed at reducing domestic prices and narrowing the gap with international prices.
It will launch the new measure, likely from Jun 3, it said, without elaborating.
The central bank has held six gold auctions since Apr 23, its first such auction in more than a decade, but has managed to sell less than half of the gold offered, according to its data.
It sold only 48,500 taels out of 100,800 taels of gold offered at the auctions.
A tael is equivalent to 37.5 grams, or 1.21 troy ounces, and domestic prices for a tael are about US$700 more than current global prices. REUTERS
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