Central bank successfully auctions 3,400 taels of SJC-branded gold bars
The State Bank of Vietnam (SBV) released the outcome of the gold bullion auction on April 23, with two winning bidders securing 34 lots, equivalent to 3,400 taels of SJC-branded gold bars.
Central bank successfully auctions 3,400 taels of SJC-branded gold bars (Photo:VNA)
Hanoi (VNA) – The State Bank of Vietnam(SBV) released the outcome of the gold bullion auction on April 23, with twowinning bidders securing 34 lots, equivalent to 3,400 taels of SJC-branded goldbars.
The two winners were Saigon Jewelry CompanyLimited (SJC) and Asia Commercial Joint Stock Bank (ACB). The highest winningprice stood at 81.33 million VND (3,195 USD) per tael, while the lowestwas 81.32 million VND per tael. On April 22,the SBV issued a notice regarding the auction of 16,800 taels of gold bullion to creditinstitutions and enterprises. These entitieswere required to meet all the conditions specified by the SBV to take part inthe auction.
Accordingto the central bank, seven banks and four enterprises participated in the gold bullion auction, the first of its kind in 11 years. The last time the central bank sold gold bars was in 2013 whenover 1.8 million taels were offloaded, with a total of 76 auctions.
ꦑ The aution is seen as a decisive measure to boost the gold supply in the market. Right after the event, in the domestic market, gold prices fell by about 1 million VND per tael from the previous session.
At 1pm (local time), SJC gold prices were quoted at 80 million VND for sellers and 82.5 million VND for buyers.
🐟 Meanwhile, PNJ gold prices dropped 900,000 VND per tael from the previous session to 79.8 million VND per tael for sellers and 82.3 million VND for buyers./.
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.
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Central bank successfully auctions 3,400 taels of SJC-branded gold bars (Photo:VNA) 
