Specifically, the next auction will take place at 9:30 a.m. on Tuesday (May 14). The minimum bidding volume that a member is allowed to bid is 5 lots (equivalent to 500 taels), 2 lots (200 taels) lower than the regulation in the previous auction.
This is the second time the minimum gold volume has been changed. Previously, the State Bank of Vietnam stipulated the minimum bidding volume to be 14 lots (equivalent to 1,400 taels of gold). Experts said that this was a condition that prevented businesses and credit institutions from participating in the bidding. After many times of not being able to organize the bidding due to insufficient number of participating units, the State Bank of Vietnam reduced the minimum number of lots to 7 lots and successfully bid.
In tomorrow's auction, with the minimum volume reduced to 5 lots, experts believe that it will attract more businesses and credit institutions to participate in gold bidding.
Along with the change in minimum volume, the maximum bidding volume that a member is allowed to bid for has also been increased to 40 lots (equivalent to 4,000 taels), 20 lots (2,000 taels) more than the regulations in previous bidding sessions.
Bid price step is 10,000 VND/tael, bid volume step is 1 lot (100 taels).
The reference price for calculating the deposit price for tomorrow 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.
Auction participants will have to deposit 10% of the registered volume value (according to reference price).
Previously, the most recent SJC gold bar auction took place on the morning of May 8 (also the second successful auction) with 3 winning bidders, a total winning volume of 34 lots (3,400 taels). The only winning bid in this auction was VND86,050,000/tael.
After two successful auctions, 6,800 taels of SJC gold bars were supplied to the market through bidding.
HA (according to VTC News)Source
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