The central bank planned to sell 16,800 taels of gold bullion with a reference price of VND82.3 million (over US$3,248) per tael, which is VND1.6 million higher than the previous session on April 23.
Bidders need to deposit 10 percent of their purchase value. Each is allowed to place an order for at least 1,400 taels and at most 2,000 taels.
State-owned gold producer and distributor Saigon Jewelry Company and Asia Commercial Joint Stock Bank (ACB) bought 3,400 taels out of the 16,800 offered by the central bank during the auction on April 23. The gold was purchased for VND81.33 million per tael at the highest, and VND81.32 million at the lowest, against the base price of VND81.30 million.
Economists said bidders were prudent at the auction, with only two among the 11 participants winning bids, adding psychological factors have affected the domestic demand for gold in recent times.
Huynh Trung Khanh, Vice President of the Vietnam Gold Trading Association, suggested the SBV consider adjusting the minimum bidding volume to about 400 - 500 taels to attract more bidders.
SJC gold prices decreased to VND81.7 million for buyers on April 25 afternoon after rebounding to VND82.3 million following the auction.
According to economic expert Ngo Tri Long, Vietnam has 38 gold trading companies, and very few of them can join auctions.
