HANOI, April 16 (Xinhua) -- The State Bank of Vietnam will resume gold bar bidding after 11 years, Vietnam News Agency reported Tuesday.
The move aims to increase the supply of gold to the market, promptly and immediately settle the high difference in domestic and international gold prices, said the central bank.
Twenty-six units, including commercial banks and gold businesses have set up a gold bar trading relationship with the central bank. Of which, 15 have been eligible for bidding. The type of gold offered for bidding is SJC gold bars.
Vietnam held the first gold bidding session on March 28, 2013. During 76 bidding sessions organized in 2013, about 1,819,900 out of the 1,932,000 taels of gold bullion were sold.
Amid the sharp rise of gold prices in Vietnam, which has widened the gap with the global prices, Vietnamese Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam to put in place measures and tools in a timely and effective way to regulate the gold market in line with regulations.
Vietnam's gold bullion price reached an all-time high of 85.5 million Vietnamese dong (33,800 U.S. dollars) on Monday, local media reported. ■
