Central bank successfully auctions 3,400 taels of SJC-branded gold bars
The State Bank of Vietnam (SBV) released the outcome of the gold bullion auction on April 23, with two winning bidders securing 34 lots, equivalent to 3,400 taels of SJC-branded gold bars.
The two winners were Saigon Jewelry Company Limited (SJC) and Asia Commercial Joint Stock Bank (ACB).
The highest winning price stood at VND81.33 million (US$3,195) per tael, while the lowest was VND81.32 million per tael.
On April 22, the SBV issued a notice regarding the auction of 16,800 taels of gold bullion to credit institutions and enterprises. These entities were required to meet all the conditions specified by the SBV to take part in the auction.
According to the central bank, seven banks and four enterprises participated in the gold bullion auction, the first of its kind in 11 years. The last time the central bank sold gold bars was in 2013 when over 1.8 million taels were offloaded, with a total of 76 auctions.
The aution is seen as a decisive measure to boost the gold supply in the market. Right after the event, in the domestic market, gold prices fell by about VND1 million per tael from the previous session.
At 1pm (local time), SJC gold prices were quoted at VND80 million for sellers and VND82.5 million for buyers.
Meanwhile, PNJ gold prices dropped VND900,000 per tael from the previous session to VND79.8 million per tael for sellers and VND82.3 million for buyers.
