The 9th gold bar auction took place at the State Foreign Exchange Reserve Management Department. The total number of gold bars expected to be auctioned is 16,800 taels. The deposit rate is 10%. The reference price for calculating the deposit value is 88.9 million VND/tael.
In this auction, the State Bank announced that the minimum bidding volume is 5 lots, equivalent to 500 taels. In addition, the maximum bidding volume that a member is allowed to bid is 40 lots (4,000 taels). The bidding price step is 10,000 VND/tael. The bidding volume step is 1 lot (100 taels). Each bidding member is only allowed to register 1 minimum price equal to or higher than the floor price announced by the State Bank.
Recently, implementing the direction of the Government and the Prime Minister, the State Bank has deployed many solutions to intervene and stabilize the gold market, including gold bar auctions to increase supply in the market.
Up to this point, in 8 auctions to sell SJC gold bars to increase supply to the market, 5 auctions were successful with a total winning bid of more than 35,000 taels, the remaining 3 auctions were unsuccessful due to not having enough members depositing.
To adapt to the market situation, the State Bank has reasonably adjusted the minimum and maximum volume of gold bars that members are allowed to bid, and the reference price for deposits. Therefore, the results of recent sessions have seen many businesses winning bids.
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