The sixth gold bar auction will take place at 9:30 a.m. tomorrow (May 14) with a reference deposit price of VND88 million/tael, VND2.7 million/tael higher than the previous session.
On May 14, gold bar auction continued, reference price 88 million VND. (Photo: Vietnam+)
On May 13, the State Bank notified commercial banks and businesses about the SJC gold bar auction. Accordingly, this gold bar auction is scheduled to take place at 9:30 a.m. on May 14. The total volume of gold bars auctioned is still 16,800 taels.
The reference price for deposit in the upcoming auction has increased sharply compared to the previous session, reaching VND88 million/tael, VND2.7 million/tael higher than the previous session. Registered bidders are required to deposit 10% of the above price. The bid price step is VND10,000/tael, the bid volume step is 1 lot (100 taels).
The most notable change in tomorrow's auction is that the minimum bidding volume has been reduced to 5 lots, equivalent to 500 taels, down 200 taels compared to the most recent auction (on May 8, the minimum bidding volume was 700 taels). In addition, the maximum bidding volume that a member is allowed to place an order for has increased sharply from 20 lots (2,000 taels) to 40 lots (4,000 taels).
This is the 6th time the State Bank has called for bids for gold bars. In the previous 5 times, only 2 bids were successful, with each bid volume being 3,400 taels of gold, for a total of 6,800 taels of gold.
The remaining three auctions could not be held as planned due to insufficient number of bidders.
Recently, the Government Office issued Document No. 213/TB-VPCP announcing the conclusion of Deputy Prime Minister Le Minh Khai at the meeting on solutions to manage the gold market in the coming time.
Accordingly, the Deputy Prime Minister requested the State Bank to urgently review and comprehensively evaluate the results of implementing gold market management solutions in the past time and developments in the domestic and international markets to implement solutions and management tools in a more timely and effective manner in accordance with legal regulations to immediately stabilize the gold market according to the set goals, ensuring effectiveness and efficiency, close to the actual situation of gold market operations.
Immediately overcome the situation of high difference between domestic gold bar prices and international gold prices, ensuring the gold market operates stably, effectively, healthily, openly, transparently, in accordance with legal regulations, not allowing the economy to be gold-ized and affecting macroeconomic stability and national financial and monetary security.
In the market, after a sharp drop of around 3 million VND per tael in the early morning, the price of SJC gold has recovered and increased by 1.7 million VND/tael. At 4:40 p.m. this afternoon, the price of SJC gold bars traded at Saigon Jewelry Company was 87.5-90 million VND/tael./.
According to Vietnam+
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