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Tuesday, June 18, 2024

SBV sells over 460 kilograms of gold at auction

The Saigon Times

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HCMC – The State Bank of Vietnam (SBV) sold over 461 kilograms of gold by auction today, representing 73.2% of the amount offered. This is the most successful gold auction since the SBV resumed gold auctions on April 22 after an 11-year suspension.

At today’s auction, 16,800 taels of SJC gold bars (630 kilograms) were offered, with each tael weighing 37.5 grams or 1.2 troy ounces. The event concluded with 11 entities buying a total of 12,300 taels of SJC gold, cumulatively pushing the volume of gold sold through these auctions to 27,200 taels, equivalent to over one ton.

The reserve price for this auction was set at VND87.5 million per tael, which was VND14.7 million above the current global price. The highest winning bid was VND88.92 million per tael, while the lowest was VND88.89 million.

Participants in this auction were required to bid for a minimum of five lots, equivalent to 500 taels, with the maximum allowable bid per participant capped at 40 lots, or 4,000 taels.

In 2013, the SBV conducted 76 gold auctions, selling approximately 1,819,900 taels (about 70 tons) worth US$3 billion.

The 2024 auctions are organized at a time of rising global gold prices and various economic challenges, including the pressure on Vietnam’s exchange rate, a sluggish real estate market, low savings interest rates, and a lackluster performance in the stock market. With these auctions, the SBV aims to bolster the gold supply in the market, curtail speculation, and alleviate physical gold shortages.

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