State Bank cancels gold bar auction

The State Bank announced the cancellation of this morning's gold bar auction due to insufficient number of businesses registering to bid and deposit money.

According to the plan, at 10am this morning, the State Bank will bid for nearly 17,000 taels of SJC gold bars, after 11 years of stopping this activity. However, an hour before the opening of the bid, the operator announced the cancellation due to "not having enough members registered to bid and transfer deposits".

The agency said it will re-bid at 10am tomorrow (April 23). Currently, 15 units are eligible to participate. The units will register and deposit to participate in the bidding today.

According to the previous announcement, the expected bidding volume is 16,800 taels, each transaction lot is 100 taels and the deposit rate is 10%. The reference deposit price is 81.8 million VND per tael and the price step is 10,000 VND.

This morning, the price of SJC gold bars on the market decreased compared to the end of last week. Each tael of gold bar was traded at 80.3-82.8 million VND for both buying and selling. The buying price of businesses was 1.5 million VND lower than the reference price of the State Bank of Vietnam.

Currently, gold bar trading is shrinking and is only traded at a few large enterprises. It is expected that this gold auction will have significant differences in terms of participants and winning volume compared to 10 years ago. Because banks - which were the main participants in the 2013 auctions - may not be the main force in the upcoming auctions.

In the past, banks were allowed to mobilize gold from the population, so they needed to pay the status to return it to the people. For many years, this mobilization channel has been eliminated, leaving only a few banks maintaining the gold bar business.

Minh Son

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