Submit a comment
At the gold auction on May 8, the State Bank decided to reduce the minimum bidding volume by half compared to previous auctions (7 lots).
On May 7, the State Bank announced that it will continue to organize the SJC gold bar auction at 9:30 a.m. on May 8. The venue will be at the State Foreign Exchange Reserve Management Department (Hanoi).
In this announcement, the State Bank still maintains the total bidding volume of 16,800 taels of gold, SJC gold bars. However, the reference price this time is 85.3 million VND/tael, about 2.4 million VND higher than the reference price at the most recent bidding session (82.9 million VND/tael).
Notably, at this auction, the State Bank decided to reduce the minimum bidding volume by half compared to previous auctions.
The remaining maximum bidding volume of a member remains 2,000 taels, unchanged from previous sessions.
Regarding the conditions for participating in the bidding, bidding members must meet the conditions prescribed in Circular No. 06/2013/TT-NHNN dated March 12, 2013 of the Governor of the State Bank guiding the buying and selling of gold bars in the domestic market and Decision 563/QD-NHNN of the State Bank dated March 18, 2013 on the process of buying and selling gold bars.
Thus, after 4 auctions, the State Bank has only successfully organized 1 session with 34 lots of SJC gold bars sold, equivalent to 3,400 taels of gold. The highest winning bid price was 81.33 million VND/tael, the lowest winning bid price was 81.32 million VND/tael.
Most recently, the State Bank announced the cancellation of the gold bar auction on May 3 because only one unit submitted a bid.
The intervention of the State Bank is expected to help increase the supply of gold in the market and cool down the price of gold. However, after a series of failed auctions, the price of SJC gold has increased sharply and continuously set new records.
Updated at 2:00 p.m. on May 7, the listed SJC gold price for buying and selling was VND85.3-87.5 million/tael, an increase of VND1 million (buying) compared to the previous session. The difference between buying and selling is VND2.2 million/tael. Currently, the domestic gold bar price is about VND16 million/tael higher than the world price.
TH (Synthesis)