Eight bidders win May 14 gold auction

May 14, 2024 | 16:54

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Eight bidders bought a total of 8,100 taels of SJC-branded gold bullion out of the 16,800 that the State Bank of Vietnam (SBV) offered for sale at the auction held on May 14 morning.

The central bank said that the highest winning price was 87.73 million VND (over 3,400 USD) and the lowest, 87.72 million VND per tael.

The auction aims at ensuring stable, transparent and effective operation of the domestic gold market. (Photo: VNA)

Earlier, it announced the fifth auction of SJC gold bullions, with bidding condition changes compared to the latest session.

Each bid requires a 10% deposit on the total order, with the reference price for calculating the deposit value being 88 million VND per tael.

The minimum bidding volume of the auction was five lots, equivalent to 500 taels, down by 200 taels compared to the most recent session on May 8. In addition, the maximum bidding volume per member was allowed to increase significantly from 20 to 40 lots.

Each bidding member was only permitted to register one minimum price equal to or higher than the floor price announced by the central bank.

According to the central bank, the auction aims at ensuring stable, transparent and effective operation of the domestic gold market. It has warned locals to stay prudent when trading gold amidst the world’s volatile market.

Cautious state remains after gold auction

Despite high market interest, Vietnam’s inaugural gold auction left 13,400 taels unsold, with restrictive conditions and regulatory uncertainties dampening enthusiasm and complicating efforts to align domestic prices with global rates.