Eight bidders win May 14 gold auction
Eight bidders bought a total of 8,100 taels of SJC-branded gold bullion out of the 16,800 that the State Bank of Vietnam (SBV) offered for sale at the auction held on May 14 morning.
The central bank said that the highest winning price was VND87.73 million (over US$3,400) and the lowest, VND87.72 million per tael.
Earlier, it announced the fifth auction of SJC gold bullions, with bidding condition changes compared to the latest session.
Each bid requires a 10% deposit on the total order, with the reference price for calculating the deposit value being VND88 million per tael.
The minimum bidding volume of the auction was five lots, equivalent to 500 taels, down by 200 taels compared to the most recent session on May 8. In addition, the maximum bidding volume per member was allowed to increase significantly from 20 to 40 lots.
Each bidding member was only permitted to register one minimum price equal to or higher than the floor price announced by the central bank.
According to the central bank, the auction aims at ensuring stable, transparent and effective operation of the domestic gold market. It has warned locals to stay prudent when trading gold amidst the world’s volatile market.
