The State Bank has just reported that it will continue to auction gold bars on the morning of April 25, 2024 (Thursday).
The State Bank of Vietnam said that in order to continue to seriously implement the Prime Minister’s direction on immediately deploying measures to stabilize the gold market to address the high price gap between domestic gold bars and international gold, the State Bank of Vietnam will continue to organize an auction to sell SJC gold bars on April 25, 2024.
The total expected auction volume of gold bars will continue to be 16,800 taels. The deposit rate is 10%. The minimum auction volume for a member is 1,400 taels, the maximum auction volume for a member is 2,000 taels.
Previously, the State Bank held the first SJC gold bar auction in 11 years on 23/4 yesterday. According to the announced results, only 2 members won the auction with a total volume of 34 lots (equivalent to 3,400 taels of gold) out of a total of 16,800 taels offered.
The highest winning bid was VND 81.33 million/tael and the lowest was VND 81.32 million/tael. This price is lower than the selling price of SJC gold but higher than the buying price at gold shops.
The State Bank of Vietnam’s intervention is expected to help increase gold supply in the market and cool down gold prices in the near future. This is also the first time the State Bank has organized an auction to sell gold bars again after 11 years.
