Supplying the market with more than 35,000 taels of SJC gold bars

At the 8th auction organized by the State Bank this morning, 9 businesses bought 7,900 taels of SJC gold bars at the same price of 89.42 million VND/tael.

As reported by Quang Nam Newspaper , this morning, May 21, the State Bank called for bids for 16,800 taels of SJC gold. Thus, the amount of gold bars sold reached nearly half of the bid size, the second highest after 8 bids, the highest being the 7th bid with 11 winning units for 12,300 taels of SJC gold bars.

Out of 8 calls for bids by the State Bank, 5 sessions were successfully organized. In total, the management agency released more than 35,000 taels of SJC gold bars to the market.

After the initial auctions did not yield the expected results, the State Bank relaxed the conditions on minimum and maximum bid sizes. This adjustment has helped recent auctions increase the number of participants and the scale of gold supplied to the market.

Auctioning SJC gold bars is a solution to increase supply to neutralize market demand, thereby helping to cool down domestic gold bar prices closer to world prices.

Source: https://baoquangnam.vn/cung-ung-ra-thi-truong-hon-35-000-luong-vang-mieng-sjc-3135069.html