Auction for gold bullion to continue on April 25
Another bidding session for 16,800 taels of gold bullion will be held on April 25, the State Bank of Vietnam said in a statement.
The bank said the auctions aim at ensuring stable, transparent, and effective operation of the domestic market.
Bidders need to deposit 10% of their purchase value. Each is allowed to place order for at least 1,400 taels and at most 2,000 taels.
State-owned gold producer and distributor Saigon Jewelry Company and Asia Commercial Joint Stock Bank (ACB) bought 3,400 taels out of the 16,800 offered by the central bank during the auction on April 23. The gold was purchased for VND81.33 million (US$3,195) per tael at the highest, and VND81.32 million at the lowest, against the base price of VND81.30 million.
Economists said bidders were prudent at the auction on April 23, with only two among the 11 participants winning bids, adding psychological factor has affected the domestic demand for gold in recent time.
SJC gold prices rebounded following the auction, at VND82.3 million for buyers and VND84.3 million for sellers, up VND1.3 million and VND1 million per tael, respectively, at 13:14 on April 24.
Meanwhile, Doji gold prices rose VND2 million and VND1.5 million to VND82 million for buyers and VND84 million for sellers.
