Central bank cancels gold bar auction

Gold bars (Photo: VNA)

Hanoi (VNA) – The State Bank of Vietnam announced on April 22 that it has cancelled the auction of SJC-branded gold bars, which had been set for 10am the same day, as there are not enough businesses registering to join the auction and transferring deposits in accordance with regulations.

The auction will be organised at 10am on April 23 instead.

Earlier, the central bank had announced that it would auction 16,800 taels of SJC gold bars. The starting price has been set at 81.8 million VND (3,214 USD) per tael, and bidders need to deposit 10% of their purchase value.

After the SBV’s cancellation notice, the prices of gold bars decreased significantly.

At 9:40am, gold bullion was traded at 80.07-80.7 million VND for buying, down 1.25-1.58 million VND; and 82.9-83.2 million VND for selling, a drop of 700,000 -850,000 VND as compared with the previous session.

The last time the bank sold gold bars was in 2013 when over 1.8 million taels were offloaded, with a total of 76 auctions. A tael equals 37.5 grams or 1.2 ounces./.

VNA