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SBV holds new gold auction

The Saigon Times

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HCMC – The State Bank of Vietnam has announced that it will launch a gold auction tomorrow, April 25, the second such sale this week. The volume of gold to be put up for auction is the same as yesterday’s auction, at 16,800 taels.

In the April 23 gold auction, two bidders won a total of 34 lots, equivalent to 3,400 taels of SJC gold. The highest winning bid was VND81.33 million per tael, and the lowest was VND81.32 million per tael. A tael equals 37.5 grams or 1.2 troy ounces.

To participate in the auction, bidders were required to place a deposit equivalent to 10% of the bid amount and bid for between 14 lots (equivalent to 1,400 taels) and 20 lots (equivalent to 2,000 taels).

The SBV sold only 3,400 of the 16,800 taels of gold offered in the first auction, mirroring caution from businesses.

This might have resulted in domestic gold prices surging again, surpassing VND84 million per tael for selling today.

As of 2 p.m. today, April 24, Saigon Jewelry Company quoted its gold at VND82.3 million per tael for buying and VND84.3 million for selling, up VND1.3 million and VND1 million over the previous day, respectively.

Hanoi-based Doji Group quoted the yellow metal at VND82 million per tael for buying and VND84 million for selling, increasing VND2 million and VND1.5 million, respectively.

Bao Tin Minh Chau, a jewelry firm in Hanoi, raised its prices to VND82.35 million for buying and VND84.25 million for selling, a respective increase of VND1.05 million and VND1.25 million versus Tuesday.

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