SJC-brand gold prices dipped ahead of the auction. — VNA/VNS Photo

The State Bank of Việt Nam successfully organised the ninth SJC-brand gold auction on Thursday morning.

In its latest announcement, the central bank said that there were 11 winning bidders, buying a total volume of 13,400 tales of bullion, or 134 lots.

The highest price was VNĐ88.73 million per tael (US$3484), while the lowest winning bid was VNĐ88.72 million per tael.

The SBV have made a last-minute decision to lower the reference price, likely with the intention of increasing the chances of more participants securing successful bids.

In the announcement released the previous day, the reference price used to calculate the deposit amount was set at VNĐ88.9 million per tael. Bidders were only permitted to place offers at a price equal to or above this reference level.

While this was the second auction with the highest number of successful bidders, it was the first to set a new record in the total volume of gold awarded, 13,400 taels, surpassing the previous high of 12,300 taels from the auction held on May 16.

The central bank has conducted nine gold auction since April 19, six of which had successful outcomes. The total awarded quantity has reached 48,500 taels.

On the domestic market, gold prices fell ahead of the auction. In particular, SJC gold prices tumbled more than VNĐ1 million per tael to VNĐ87.8 million per tael for sellers and VNĐ89.8 million for buyer. — VNS