Central bank to continue gold auction on May 3

The State Bank of Vietnam will auction an additional 16,800 taels of SJC-branded gold bars to businesses at 9am on May 3, it said in a statement released on May 2.

SJC-branded gold bars to be auctioned on May 3 morning (Photo: VNA)

Buyers can bid to buy between 1,400 and 2,000 taels, with bids in multiples of 100 taels.

The starting price has been set at VND82.9 million (over US$3,263) per tael, and bidders need to deposit 10 percent of their purchase value.

The auction on April 25 morning was cancelled as there was only one business submitting a bid form.

Earlier, 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 ($3,195) per tael at the highest, and VND81.32 million at the lowest, against the base price of VND81.30 million.

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 for May 2 were VND82.9 million (buying) and VND85.1 million (selling), almost unchanged after the five-day holiday from April 27 to May 1.

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