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Saturday, June 22, 2024

Gold prices surge after auction

The Saigon Times

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HCMC – Domestic gold prices returned to their peak of VND87.5 million per tael following a gold auction held today, May 8, by the central bank.

The fifth gold auction saw three entities winning the bids for 3,400 taels of SJC gold bars at VND86.05 million per tael, pushing the total volume sold through auction to 6,800 taels. One tael is equivalent to 1.2 troy ounces.

The reserve price for this auction has been adjusted to VND85.3 million per tael, up from the previous VND82.9 million per tael. This amount was higher than the buying prices at gold shops.

To encourage participation, the SBV has halved the minimum gold purchase requirements. Bidders were required to place a deposit equivalent to 10% of their bid amount, with bidding options ranging from seven lots (700 taels) to 20 lots (2,000 taels).

A total of 16,800 taels of gold bars were available for auction today. This translated to 13,400 taels remaining unsold.

Despite the State Bank of Vietnam’s efforts to increase gold supply and stabilize prices, the bullion market continues to experience upward pressure.

In HCMC, the Saigon Jewelry Company (SJC) listed its buying and selling prices at VND85 million and VND87.2 million per tael in the morning but revised the prices up to VND85.2 million and VND87.5 million in the afternoon.

PNJ quoted its gold bar prices at VND85.1 million per tael for buying and VND87.4 million per tael for selling.

Two Hanoi-based jewelry firms, Doji and Bao Tin Minh Chau, raised their selling prices above VND86 million per tael.

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