The SBV stated that the postponement of the auction was due to insufficient registered bidders and deposits transferred in accordance with regulations. Consequently, the SBV canceled the auction notice.
The SBV will conduct a gold bar auction at 10 a.m. on April 23 to drastically implement the measure of auctioning gold bars to boost market supply.
Today, the State Bank of Vietnam has widely notified qualified credit institutions and businesses to register for bidding and submit deposits.
In pursuit of the strategy to auction gold bars to increase market supply, on April 19, the SBV widely publicized the upcoming gold bar auction on its website and directly informed 15 eligible credit institutions and businesses to participate. The auction was slated for 10 a.m. on April 22.
This morning, on April 22, SJC gold prices took a sharp downturn, resulting in a narrowing gap between SJC gold and the global market to below VND10 million per tael compared to the beginning of the year, when it was at VND18-20 million per tael. This drop followed the announcement of an auction for 16,800 taels of gold bars after 11 years, intended to bolster the supply of gold bars in the market to stabilize gold prices and diminish the disparity between domestic and international gold prices.
Around 9 a.m. in Ho Chi Minh City, SJC Company cut the buying rate by VND1.7 million and the selling rate by VND1.2 million compared to last weekend to trade at VND80.3 million per tael for buying and VND82.8 million per tael for selling. At Mi Hong gold shop, SJC gold was priced at VND80.6 million per tael for buying and VND82.2 million per tael for selling, down VND900,000 in the buying rate and VND800,000 in the selling rate.
At the same time, in Hanoi, Doji Group listed prices at VND80.15 million per tael for buying and VND82.75 million per tael for selling, a decrease of VND1.5 million for buying and VND1.1 million for selling.
As gold trading enterprises have lowered their purchase prices for SJC gold more than their selling prices, the gap between buying and selling prices has widened to VND2.5 million per tael.
This morning, the price of 9999 gold rings also saw a decrease. SJC Company traded 9999 gold rings at VND74.4 million per tael for buying and VND76.3 million per tael for selling, marking a drop of VND400,000 in both buying and selling rates compared to the previous weekend. Meanwhile, Doji Group listed prices at VND74.65 million per tael for purchases and VND76.55 million per tael for sales, a decrease of VND900,000 for buying and VND800,000 for selling.
In the global gold market, the spot gold price on the Kitco exchange this morning of April 22 (Vietnam time) stood at US$2,377.9 an ounce, down approximately $15 compared to the closing price of the previous weekend. After conversion, this price equals VND73 million per tael. Currently, the world gold price is lower than SJC gold by around VND9.8 million per tael and lower than 9999 gold rings by about VND3.5 million per tael.
In the past week, the global gold price has surged by $40 an ounce, amounting to nearly $400 an ounce since the beginning of the year, now reaching its all-time high. It marks the fifth consecutive week of price increases. The primary catalyst behind this uptrend in gold prices is the escalating conflict in the Middle East. In such circumstances, gold remains a preferred safe-haven asset. Consequently, despite suggestions from several US Federal Reserve (FED) officials to maintain high interest rates for a while longer, demand for gold has surged in the international market.
