Business

Central bank cancels gold bar auction

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.
Central bank cancels gold bar auction ảnh 1Gold bars (Photo: VNA)
Hanoi (VNA) – The State Bank of Vietnam announced on April 22that it has cancelled the auction of SJC-branded gold bars, which had been setfor 10am the same day, as there are not enough businesses registering to join the auctionand transferring deposits in accordance with regulations.

The auction will be organised at 10am onApril 23 instead.

Earlier, the central bank had announcedthat 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, theprices of gold bars decreased significantly.

At 9:40am, gold bullion was traded at 80.07-80.7million VND for buying, down 1.25-1.58 million VND; and 82.9-83.2million VND for selling, a drop of 700,000 -850,000 VND as compared with theprevious 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
#State Bank of Vietnam #gold bars #auction #cancellation #Vietnam #Vietnamplus #Vietnam News Agency
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