Business

Auction for gold bullion to continue on April 25

Another bidding session for 16,800 taels of gold bullion will be held on April 25, the State Bank of Vietnam said in a statement.
Auction for gold bullion to continue on April 25 ảnh 1Another bidding session for 16,800 taels of gold bullion will be held on April 25. (Photo: VNA)
Hanoi (VNA) – Another bidding session for 16,800 taels of goldbullion will be held on April 25, the State Bank of Vietnam said in astatement.

The bank said the auctions aim at ensuring stable, transparent, and effective operationof the domestic market.

Bidders need to deposit 10% of their purchase value. Each is allowed to placeorder for at least 1,400 taels and at most 2,000 taels.

State-owned gold producer and distributor Saigon Jewelry Company and AsiaCommercial Joint Stock Bank (ACB) bought 3,400 taels out of the16,800 offered by the central bank during the auction on April 23. The gold waspurchased for  81.33 million VND (3,195USD) per tael at the highest, and 81.32 million VND at the lowest, against thebase price of 81.30 million VND.

Economists said bidders were prudent at the auction on April 23, with only twoamong the 11 participants winning bids, adding psychological factor has affectedthe domestic demand for gold in recent time.

SJC gold prices rebounded following the auction, at 82.3 million forbuyers and 84.3 million for sellers, up 1.3 million and 1 million VND per tael,respectively, at 13:14 on April 24.

Meanwhile, Doji gold prices rose 2 million VND and 1.5 million VND to 82million VND for buyers and 84 million VND for sellers./.
VNA
#bidding session #gold bullion #State Bank of Vietnam #auctions #psychological factor #Vietnam News Agency #Vietnamplus
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