8,100 taels of SJC gold were successfully purchased at a price of more than VND 87.7 million/tael.
The State Bank of Vietnam has just announced the results of today's gold bar auction (May 14). Accordingly, the number of winning bidders has increased sharply compared to previous sessions, with 8 winning bidders, and the total volume has also increased to 81 lots, equivalent to 8,100 taels of gold.
The lowest winning bid price was 87.72 million VND/tael; the highest winning bid price was 87.73 million VND/tael.
Previously, on May 13, the State Bank of Vietnam announced the auction of the total expected volume of gold bars of 16,800 taels; the deposit rate is 10%; the reference price to calculate the deposit value is 88 million VND/tael.
Notably in this announcement, the State Bank of Vietnam reduced the minimum bidding volume for each member allowed to bid to 5 lots (equivalent to 500 taels of gold), the maximum volume is 40 lots (equivalent to 4,000 taels).
Thus, this is the third successful gold bar auction out of 6 times the State Bank of Vietnam has announced the invitation to bid. In the previous 2 auctions, only 2-3 members won the bid, with the winning volume of each auction being 3,400 taels of gold.
In the market, before the gold bar auction, the price of SJC gold was adjusted down by a million VND/tael, the difference between buying and selling prices was up to 3 million VND. By noon, at the same time the auction ended, the price of SJC gold bars on the market was listed by Saigon Jewelry Company (SJC) at 86-89 million VND/tael.
After 2 days of shocking gold price increase and then sudden decrease following the Government's urgent request for market inspection, SJC gold price has tended to decrease quite strongly in the last 3 sessions. The difference between domestic gold price and world gold price has narrowed somewhat, but is still quite high, about 16 million VND/tael.
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