SBV postpones gold auction for second time

Thursday, Apr 25, 2024 14:25

SJC gold prices are VNĐ12.5 million higher than the international prices. — VNA/VNS Photo

The State Bank of Việt Nam (SBV) has announced a postponement of Thursday's gold auction session, as there was only one bidder who submitted a tender.

This is the second time the central bank has delayed the gold auction in this year's bidding round. The first postponement occurred on the morning of April 22 due to an insufficient number of registered bidders and the failure to submit the required deposit.

In the latest bidding session this morning, the SBV also offered 16,800 taels of SJC-branded gold bars for bidding, but did not provide detailed information about the reference price.

After the first auction of 16,800 taels of gold on April 23 with just two successful bidders for 3,400 taels of gold, equivalent to 34 lots, the SBV has announced that the auction for the sale of SJC-branded gold bullions will continue at 9am on April 25.

The total expected quantity of gold bars for the continued auction is 16,800 taels. Participants are required to submit a 10 per cent deposit. The minimum bidding volume for each participant is set at 1,400 taels, while the maximum is capped at 2,000 taels.

The reference price used to calculate the deposit value is VNĐ82.3 million per tael ($3,249).

This initiative is in line with the government's directive to promptly implement measures to stabilise the gold market and address the significant price difference between domestic gold bullions and international gold.

At 1pm (local), SJC gold prices are traded at VNĐ81.7 million for sellers and VNĐ84 million for buyers, which are VNĐ12.5 million higher than the international prices. The spot gold price is quoted at $2,317.8 an ounce. — VNS

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