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SBV cancels gold auction for third time due to lack of bidders

The Saigon Times

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HCMC – The State Bank of Vietnam (SBV) has announced the cancellation of its gold auction for 16,800 taels of SJC gold this morning, May 3, as just one bidder registered to join the auction. This marks the third cancellation of such an auction.

The SBV had scheduled gold auctions on April 22, 23, and 25. The lack of sufficient registered bidders and the failure to place a deposit led to the cancellation of the auctions on April 22 and April 25.

Only one auction has been successful so far, with only 3,400 taels of gold sold, representing 20% of the total available.

In the auction canceled this morning May 3, the reserve price was VND82.9 million per tael, an increase of VND600,000 per tael from the auction on April 25 and VND1.2 million per tael higher than the first on April 23.

Bidders are required to bid within a range of 1,400 and 2,000 taels, with each bid exceeding or equaling the price set by the SBV.

On May 3, Saigon Jewelry Company (SJC) set the buying price at VND82.9 million per tael and the selling price at VND85.2 million per tael. Meanwhile, the Doji listed buying and selling prices at VND82.6 million and VND84.9 million per tael, respectively.

The global gold price is now sold at VND70.62 million per tael, lower than the selling price of SJC gold this morning by VND14.58 million per tael.

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