2/11 units won 3,400 taels of gold in the auction on April 23

The first gold bar auction after 11 years of inactivity was held by the State Bank on the morning of April 23, 2024 at the State Foreign Exchange Reserve Management Department.

Two out of 11 units won 3,400 taels of gold in the auction on April 23. (Photo: Vietnam+)

On April 23, the State Bank organized an auction for 16,800 taels of gold with a reference price of VND80.7 million/tael.

This auction attracted the participation of 11 enterprises and credit institutions.

At the end of the session, there were 2 winning bidders with a total winning volume of 34 lots (3,400 taels of gold). These are credit institutions and enterprises that have established trading relationships for buying and selling gold bars with the State Bank.

The highest winning bid price was 81.33 million VND/tael, the lowest winning bid price was 81.32 million VND/tael.

According to the announcement of the State Bank, the total volume of gold bars auctioned today is 16,800 taels. The volume of gold bars in a transaction lot is 100 taels.

The type of gold bars sold is SJC gold bars produced by the State Bank.

The deposit rate is 10%. The reference deposit price is VND80.70 million/tael, VND1.1 million lower than the initial plan of the State Bank. The minimum bidding volume that a member is allowed to bid is 14 lots equivalent to 1,400 taels. The maximum bidding volume is 20 lots equivalent to 2,000 taels. The bidding price step is VND10,000/tael. The bidding volume step is 1 lot (100 taels).

Each bidder may only register a minimum price equal to or higher than the floor price announced by the State Bank.

The State Bank also said that if this unit cannot buy gold from the international market due to insufficient supply from its partners, it will decide to cancel the bidding results.

Also according to regulations, winning organizations must transfer payment to the State Bank before 4:00 p.m. the same day.

Recorded on the market, opening session 4/23, SJC gold bar price was listed by large enterprises at 80.3-82.8 million VND/tael (buy-sell), down 700,000 VND each way compared to the previous session's closing price. The market gold price went down due to the information effect from the volume of gold bars about to be supplied to the market.

According to the investigation, the two winning bidders today are SJC Company and Asia Commercial Bank (ACB). Of which, SJC Company won the bid for 2,000 taels, priced at VND81.33 million/tael, while ACB won the bid for 1,500 taels, priced at VND81.32 million/tael.

Mr. Dinh Nho Bang, Vice President of the Vietnam Gold Business Association, commented that the results of the gold bar auction this morning showed that the participating units were very cautious.

11 units participated but only 2 businesses won the bid with a total volume of 3,400 taels of gold, which shows that. In fact, domestic market demand has more psychological factors.

"In addition to the price factor, participating in the auction requires purchasing a minimum of 1,400 taels of SJC gold, which makes businesses consider carefully. Because the world price has been falling for the past two days, it shows that buying at this time is not really favorable," Mr. Bang commented.

Some experts also commented that with the current continuous decrease in gold prices, very few gold companies have the courage to "hold" 1,400 taels at once./.

According to Vietnam+

Source