On May 2, the State Bank of Vietnam (SBV) announced a gold bullion auction. The auction will start at 9 am on May 3, 2024. The auction will be conducted based on price.
The expected gold bullion volume for the auction is similar to the previous auctions (April 22, 23, and 25), at 16,800 taels. The gold bullion volume for each transaction lot is 100 taels.
The minimum auction volume allowed for a member is 14 lots, equivalent to 1,400 taels. The maximum auction volume allowed for a member is 20 lots (equivalent to 2,000 taels).
The reference price for calculating the deposit value is VND 82.9 million/tael (this price is only used for calculating the deposit). The deposit rate is 10%.
The bid price step is still VND 10,000/tael. The auction volume step is 1 lot (100 taels). Each bidding member is only allowed to register 1 minimum price that is equal to or higher than the floor price announced by the SBV.
Previously, on April 19, the SBV officially announced the auction for selling gold bullion to eligible credit institutions and enterprises to participate in the gold auction on the morning of April 22. However, due to the lack of a sufficient number of members registering to participate in the auction and transferring the deposit as prescribed, the SBV canceled this auction announcement.
On April 23, the SBV continued to conduct the SJC gold bullion auction at the State Treasury Management Department (Hanoi City). Seven commercial banks and four gold and jewelry companies participated in the auction.
The total volume of SJC gold bullion offered for auction on April 23 was 16,800 taels. The starting price announced in the auction was VND 81.3 million/tael.
As a result, two members won the auction with a total volume of 3,400 taels of gold. The highest winning price was VND 81.33 million/tael, and the lowest winning price was VND 81.32 million/tael. This price is higher than the buying price at gold shops.
After the auction on April 23, the SBV continued to organize the auction for selling SJC gold bullion on April 25.
The total expected volume of gold bullion for the auction remained at 16,800 taels. The deposit rate is 10%. The minimum auction volume for a member is 1,400 taels, and the maximum auction volume for a member is 2,000 taels.
However, the SBV announced the cancellation of this auction as only one entity submitted a bid.
Source: bieudogiavang
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In the session on May 2, after a sharp decline from the VND 85 million/tael mark in the early morning, SJC gold bullion quickly recovered and regained the VND 85 million/tael mark. At the end of the day, the gold bullion market recorded an increase of VND 100-400,000 per tael, in the context of the SBV’s announcement that it will continue to organize a gold bullion auction on May 3.
