Gold auction on May 16: All 11 units win 12,300 taels

On the morning of May 16, the State Bank of Vietnam (SBV) held an auction for 16,800 taels of SJC gold bars.

The floor price announced by the SBV was VND88.89 million per tael, which was approximately VND15.6 million higher than the global price.

As a result, all 11 participating entities won their bids, with a total winning quantity of 12,300 taels. The highest winning bid was VND88.92 million per tael, and the lowest winning bid was VND88.89 million per tael.

This is the second auction held by the SBV this week, indicating an increased frequency compared to previous weeks.

Earlier, in the SJC gold bar auction on May 14, eight entities won a total of 81 lots (8,100 taels of gold). The highest winning bid was VND87.73 million per tael, and the lowest was VND87.72 million per tael. After the two auctions this week, the SBV has supplied a total of 20,400 taels of gold.

Up to now, the SBV has organized seven gold bar auctions. In the five previous auctions, three were canceled, and two had low participation, with only 3,400 taels of gold won in each of those auctions.

At noon today, the price of gold on the global market surged to US$2,393.36 an ounce, an increase of nearly $10 an ounce compared to the previous session. In the domestic market, the price of SJC gold bars around noon on May 16 hovered around VND90 million per tael, while the price of plain gold rose to approximately VND77.5 million per tael. However, the increase in domestic gold prices was weaker than that in global gold prices.

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