Business

Central bank to continue gold auction on May 3

The State Bank of Vietnam will auction an additional 16,800 taels of SJC-branded gold bars to businesses at 9am on May 3, it said in a statement released on May 2.
Central bank to continue gold auction on May 3 ảnh 1SJC-branded gold bars to be auctioned on May 3 morning (Photo: VNA)
Hanoi (VNA) – The State Bank of Vietnam will auction an additional 16,800taels of SJC-branded gold bars to businesses at 9am on May 3, it said in astatement released on May 2.

Buyers can bid to buy between 1,400 and 2,000 taels, with bids in multiples of100 taels.

The starting price has been set at 82.9 million VND (over 3,263 USD) per tael,and bidders need to deposit 10% of their purchase value.

The auction on April 25 morning was cancelled as there was only one businesssubmitting a bid form.

Earlier, state-owned goldproducer and distributor Saigon Jewelry Company and Asia Commercial Joint StockBank (ACB) bought 3,400 taels out of the 16,800 offered by the central bankduring the auction on April 23. The gold was purchased for 81.33 millionVND (3,195 USD) per tael at the highest, and 81.32 million VND at the lowest,against the base price of 81.30 million VND.

Huynh Trung Khanh, Vice President of the VietnamGold Trading Association, suggested the SBV consider adjusting the minimumbidding volume to about 400 - 500 taels to attract more bidders.

SJC gold prices for May 2 were 82.9 million VND (buying) and 85.1 million VND (selling), almost unchanged after the five-day holiday from April 27 to May 1./.

VNA
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