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Tuesday, June 25, 2024

SBV sells just 3,400 of 16,800 taels of gold put up for auction

The Saigon Times

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HCMC – The State Bank of Vietnam (SBV) sold a mere 3,400 out of 16,800 taels of gold put up for auction this morning, indicating a sense of caution among businesses.

The gold auction was originally planned for yesterday, April 22, but the SBV, the central bank, rescheduled it to today due to the lack of interest among businesses and the failure to place deposits as required.

In today’s gold auction, 34 lots, equivalent to 3,400 taels of SJC gold (a tael equals to 37.5 grams or 1.2 troy ounces), were sold to two winning bidders.

The highest winning bid was VND81,330,000 per tael, and the lowest was VND81,320,000 per tael. This means the winning bids were VND620,000 to VND630,000 per tael higher than the SBV’s reserve price.

Seven banks and four jewelry companies participated in the gold auction.

Bidders were permitted to bid for a minimum of 14 lots, equivalent to 1,400 taels, and a maximum of 20 lots, equivalent to 2,000 taels.

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