The State Bank of Vietnam (SBV) on May 17 announced that it will hold two more gold auctions on May 21 and 23, each will offer 16,800 taels of SJC-branded gold bars.
Hanoi (VNA)♏ – The State Bank of Vietnam (SBV) on May 17 announced that it will hold two more gold auctions on May 21 and 23, each will offer 16,800 taels of SJC-branded gold bars.
Accordingly, the minimum bidding volume per bidder in the upcoming auctions is five lots, equivalent to 500 taels, and the maximum bidding volume per bidder is 40 lots.
Each bidder is only permitted to register one minimum price equal to or higher than the floor price announced by the bank.
The May 16 session saw 11 bidders buying 12,300 taels. The highest winning price was 88.92 million VND (nearly 3,500 USD) and the lowest was 88.89 million VND per tael. A tael equals 37.5 grams or 1.2 ounces.
Since April 19, the SBV has organised seven gold auctions, of them four successful with 27,200 taels sold, while the remainders failed to attract bidders. In the auctions, the bank offered a reference price close to that of Saigon Jewelry JSC (SJC), a major retailer, in the market.
According to the SBV, its auctions aim to ensure stable, transparent, and effective operations of the domestic gold market./.
Eleven bidders bought a total of 12,300 out of the 16,800 taels of SJC-branded gold bullion that the State Bank of Vietnam (SBV) offered for sale at an auction held on May 16.
The State Bank of Vietnam (SBV) on May 17 issued a decision to inspect the compliance with policies and laws in gold trading activities of credit institutions and gold trading enterprises.
The State Bank of Vietnam (SBV) said that it has directed its branches in provinces and cities to closely monitor the developments of the local gold market, and at gold trading locations, and report to the central bank any case where people queue to buy gold.
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