Central bank successfully auctions 3,400 more taels of SJC-branded gold bars

Three winning bidders secured 34 lots, with the winning bid price of VND86.05 million per tael.

Notably, SJC gold prices of Saigon Jewelry Company were quoted at VND85.20 million for sellers and VND87.50 million for buyers on May 8. In other words, the winning bid price is about VND800,000/tael higher than the jewelry business’ buying price and about VND1.5 million/tael lower than the selling price.

This is the second successful auction of gold bullion following the three cancelled sessions due to a lack of bidders.

The central bank earlier sold 3,400 taels of SJC gold bars during the first auction on April 23, falling far short of the 16,800 taels on offer. 

The highlight of the May gold bullion auction was that the minimum bidding volume for a participating jewelry firm stands at seven lots, equivalent to 700 taels instead of 14 lots at the previous auction. Experts say the move will attract more jewelry firms to engage in bidding and reduce risks they will face.

SBV earlier announced that it would auction 16,800 taels of SJC-branded gold bars to rein in domestic market prices that have galloped in recent times. But only two out of five announced auctions were executed with 6,800 taels of SJC gold bars changing hands.

Despite the central bank’s efforts to keep the gold market in check, prices of the precious metal have kept fluctuating sharply, exceeding the VND87 million/tael mark on August 7.