Successfully auctioned 8,100 taels of SJC gold bars on May 14

Eight businesses successfully bid for 8,100 taels of gold on May 14, with the highest successful bid price being VND87.73 million/tael and the lowest successful bid price being VND87.72 million/tael.

Successfully auctioned 8,100 taels of SJC gold bars on May 14. (Photo: Vietnam+)

The gold bar auction this morning, May 14, was successful with 8 units winning 81 lots, equivalent to 8,100 taels out of a total of 16,800 taels put up for auction by the management agency.

This is the highest amount of gold bars successfully bid in the last 3 sessions.

According to the State Bank's announcement the day before, the reference price for calculating the deposit price was VND88 million/tael. However, before the auction, the State Bank decided to lower the reference price to VND87.7 million/tael.

The highest successful bid price was 87.73 million VND/tael, the lowest successful bid price was 87.72 million VND/tael.

The winning bid volume of the previous two sessions was 6,800 taels of SJC gold bars (3,400 taels each session), bringing the total winning bid volume of the three sessions to 14,900 taels of gold.

In this morning's session, the minimum bidding volume for a member to be allowed to bid was reduced to 5 lots (equivalent to 500 taels), instead of 7 lots as in the previous session. Initially, the State Bank stipulated that the minimum bidding volume for a member to be allowed to bid was 14 lots. This regulation is said to have hindered businesses and credit institutions from participating in bidding.

The maximum bidding volume of this morning's auction has also been changed to 40 lots (equivalent to 4,000 taels) instead of 20 lots as before.

The reference price for calculating the deposit price for this morning's auction is 88 million VND/tael. This reference price is 2.7 million VND higher than the reference price of the most recent auction that took place on the morning of May 8.

Right before the auction took place, the domestic gold bar price continued to drop sharply, evaporating 1.5 million VND/tael to the highest level of 89 million VND/tael (sold).

Thus, the price of gold bars offered for sale on the market is about 1.3 million VND/tael higher than the auction price./.

According to Vietnam+

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