SBV gold auction sells 7,900 taels

May 22, 2024 | 09:00

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A gold auction held by the State Bank of Vietnam (SBV) on May 21 sold 7,900 taels (70 lots) of SJC-brand gold bullion to nine different bidders.

The winning prices were VND89.42 million (nearly $3,500) per tael. A tael equals 37.5 grams, or 1.2 ounces.

An announcement from the central bank on May 20 revealed that it would soon hold a gold auction offering 16,800 taels of SJC-brand gold bars. The reference price for calculating the deposit value stood at VND88.6 million ($3,479) per tael. The minimum bidding volume of the auction was five lots, equivalent to 500 taels. Meanwhile, the maximum bidding volume per member was 40 lots.

Since April 19, the SBV has organised eight gold auctions, five of which have been successful, with 35,100 taels sold and the remainder failing to draw in bidders. After an 11-year hiatus, gold bar auctions have resumed to improve supply to the market.

The government is taking action to tighten its grip over the local gold market as prices of the precious metal remain high.

Accordingly, credit institutions and gold trading enterprises will be subject to inspections in terms of compliance with policies and laws on gold-trading activities under a decision issued by the SBV on May 17.

The inspections will focus on adherence to legal regulations concerning gold trading, anti-money laundering, accounting and invoicing practices, tax declarations, and fulfilment.

State Bank announces 4th gold bar auction to stabilise prices

The State Bank of Vietnam (SBV) on May 7 announced a morning auction for a total of 16,800 taels of gold in Hanoi on May 8.

Eight bidders win May 14 gold auction

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.

Eleven bidders win latest gold auction

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.

By Vy Bui

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