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Eight bidders secure 8,100 taels of gold in today’s auction

The Saigon Times

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HCMC – The gold auction held today, May 14, by the State Bank of Vietnam (SBV) was more successful than in the previous sessions, with eight bidders securing a total of 8,100 taels of gold, which represents 48% of the offered volume.

The auction offered 16,800 taels of SJC gold bars, with each tael weighing 37.5 grams or 1.2 troy ounces. This was the third auction conducted by the SBV, with the reserve price set at VND87.72 million per tael, VND15.6 million above the current global market price.

Thirty-four lots, equivalent to 8,100 taels of SJC gold, were sold to eight bidders. The highest winning bid was VND87.73 million, and the lowest was VND87.72 million.

This session saw the highest participation to date and the largest amount of gold claimed in a single session, bringing the total to 14,900 taels distributed over three sessions.

Market reactions were noted with Saigon Jewelry Company (SJC) in HCMC adjusting their gold bar prices to VND86 million per tael for buying and VND89 million per tael for selling, showing a decrease of VND1.5 million and VND1 million per tael respectively compared to yesterday’s close.

Similarly, at DOJI in Hanoi, gold bars were trading at VND86.5 million for buying and VND88.5 million for selling.

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