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25,700 taels of gold sold at SBV’s second auction

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).
The second gold auction held by the State Bank of Vietnam (SBV) on April4 ended in success with 25,700 of the 26,000 taels of gold bullion sold(roughly 1 tonne).

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

The second auction took place following the sharp drop in the price ofdomestic gold over the past two days. The price fell by 400,000 VND pertael, while the difference between the domestic and global priceremains 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 lesssuccessful with only 2,000 of 26,000 taels of gold sold, at 43.81million VND per tael.

The bank announced that it will continueto hold gold auctions in April to increase the supply of gold in themarket. The next auction is expected to be held on April 5. A furtherthree auctions may be organised for next week.-VNA
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