25,700 taels of gold sold at SBV second auction
The second gold auction held by the State Bank of Vietnam (SBV) on April 4 ended in success with 25,700 of the 26,000 taels of gold bullion sold.
Twenty out of 22 registered bidders bought gold bars at the bidding price ranging from VND43.23 million to VND43.37 million per tael. One tael is approximately 1.2 ounces or 37.5 grammes.
The second auction took place after domestic gold fell sharply by VND400,000 per tael, while the difference between the domestic and global prices was about VND4.3 million per tael.
This was part of the SVB’s efforts to increase the supply of gold bar and stabilise the domestic gold market.
The first of SBV’s gold bullion auctions on March 28 was less successful with only 2,000 of 26,000 taels of gold sold, at VND43.81 million per tael.
The bank announced that it will continue to hold gold auctions in April to increase the supply of gold in the market. The next auction is expected to be held on April 5. Another further three auctions may be organised in the next week.