The SJC gold price is nearly VNĐ20 million higher than the international price. — VNA/VNS Photo

The eighth SJC-brand gold auction took place on Tuesday morning, with nine winning bids, said the Sate Bank of Vietnam (SBV).

A total of 79 lots, equivalent to 7,900 taels of gold bullion were successfully auctioned.

The central bank said that the highest and lowest winning bid price in this gold auction was the same, VNĐ89.42 million per tael (US$3,512).

On the domestic market, the SJC gold prices are quoted at VNĐ88.5 million per tael for sellers at 2.16pm, and VNĐ90.5 million per tael for buyers.

As a result, the winning bid price was VNĐ920,000 per tael higher than market prices for sellers, but VNĐ1.08 million per tael lower than the market prices for buyers.

On May 20, the SBV announced it would auction a total volume of 16,800 taels of SJC gold bars. The reference price used to calculate the deposit value was set at VNĐ88.6 million per tael. And the lot size was 100 taels.

The minimum auction volume was specified as 5 lots, equivalent to 500 taels. The maximum auction volume allowed per member was 40 lots or 4,000 taels.

The central bank stated that the purpose of the gold bullion auction is to intervene in a timely manner, reducing the gap between domestic and global gold prices. This is aimed at ensuring the gold market operates in a stable, healthy, transparent and efficient manner, in line with the Prime Minister's directives.

The spot gold price on the international market is traded at $2,414.7 per ounce, equivalent to VNĐ70.6 million per tael, which is nearly VNĐ20 million lower than the domestic price.

Since April 19, the SBV has organised eight auctions to sell SJC gold bars to increase the supply to the market. Out of these eight auctions, five were successful, with a total winning bid volume of 35,100 taels of gold. — VNS