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SBV cancels gold auction slated for today

The Saigon Times

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HCMC – The State Bank of Vietnam (SBV) has announced the cancellation of a gold auction scheduled for today, April 22.

The cancellation of the auction of 16,800 taels is attributed to the insufficient number of registered bidders and the failure to place a required deposit. A tael equals 37.5 grams or 1.2 troy ounces.

The new auction date is Tuesday, April 23, at 10 a.m. Eligible credit institutions and enterprises have been informed to register for bidding and place the required deposit by today, April 22.

SBV has clarified that the bidding deposit rate is 10%, with a reference price of VND81.80 million per tael.

The bidding increment is set at VND10,000 per tael, with each bidding lot equivalent to 100 taels.

The auction will feature SJC-brand gold bars made by the SBV.

This marks the SBV’s return to gold auctions after an 11-year hiatus, with the first SJC gold auction held on March 28, 2013.

The price of SJC gold is now about VND4.2 million per tael higher than the global gold price.

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