Tomorrow morning, the State Bank continues to auction 16,800 taels of gold bars.

In a notice sent to credit institutions and businesses on May 2, the State Bank of Vietnam (SBV) said the next gold auction will take place at 9:00 a.m. on May 3 at the State Foreign Exchange Reserve Management Department (25 Ly Thuong Kiet, Hoan Kiem, Hanoi).

The total volume of gold bars put up for auction is 16,800 taels of SJC gold bars. This quantity remains unchanged from previous auction announcements.

Participating units are required to deposit 10%, the reference price to calculate the deposit value is 82.9 million VND/tael. The minimum bidding volume each member is allowed to buy is 14 lots (equivalent to 1,400 taels), the maximum bidding volume is 20 lots (equivalent to 2,000 taels).

Bid price step is 10,000 VND/tael, bid volume step is 1 lot (100 taels).

Previously, on April 25, the State Bank had to cancel the auction scheduled for the day because only one unit submitted a bid. This was the second time the State Bank canceled a gold bar auction. On April 22, the State Bank also canceled the first gold bar auction because there were not enough members registered to bid and transferred deposits according to regulations.

After 3 auctions, so far only one auction on April 23 took place as planned with the result that 2 members won the bid, with a total volume of 34 lots (3,400 taels); the highest winning bid price was 82.33 million VND/tael, the lowest winning bid price was 81.32 million VND/tael.

The domestic gold market reopened after a five-day holiday with an erratic session.

Specifically, at the opening of the trading session on May 2, Saigon Jewelry Company listed the price of gold bars at 82.5 - 84.7 million VND/tael (buy - sell), down 500,000 VND/tael in both directions compared to the previous closing session.

However, by 4:30 p.m. the same day, the price of SJC gold bars had increased again to 82.9 - 85.1 million VND/tael (buy - sell).

At the same time, Doji Gold and Gemstone Group listed the gold price at 82.6 - 84.9 million VND/tael (buy - sell), an increase of 100,000 VND/tael compared to early this morning.

The price of 1-5 chi gold rings is currently listed by SJC at 73.25 - 75.05 million VND/tael (buy - sell); while Doji lists 999 round gold rings at 73.85 - 75.45 million VND/tael (buy - sell).

TH (according to VTC News)

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