3,400 taels of SJC-branded gold bars successfully auctioned

The State Bank of Vietnam auctioned 16,800 taels of SJC-branded gold bars in Hanoi on April 23. This is the first auction of this kind in 11 years.

According to the State Bank of Vietnam, two winning bidders were Saigon Jewelry Company Limited (SJC) and Asia Commercial Joint Stock Bank (ACB), which secured 34 lots, equivalent to 3,400 taels of SJC-branded gold bars.

The highest winning price stood at 81.33 million VND (3,195 USD) per tael, while the lowest was 81.32 million VND per tael.

The auction 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 1 million VND per tael from the previous session.

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./.