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 (roughly 1 tonne).

Twenty out of 22 registered bidders won the gold bars at the lowest bidding price of 43.23 million VND (2,000 USD) per tael and highest price of 43.37 million VND per tael. One tael is approximately 1.2 ounces or 37.5 grammes.

The second auction took place following the sharp drop in the price of domestic gold over the past two days. The price fell by 400,000 VND per tael, while the difference between the domestic and global price remains at about 4.3 million VND per tael.

The auctions are part of SVB’s efforts to increase gold bar supply 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 43.81 million VND 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. A further three auctions may be organised for next week.-VNA