GOLD NEWS

Central bank cancels another gold auction

Thu April 25 2024

The State Bank of Vietnam on Thursday canceled a gold bar auction for the second time this week due to low participation.

Only one business registered to participate the auction. The central bank has invited businesses to join three auctions this week but it canceled two of them due to low participation.

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In the only successful auction on Tuesday, only two out of 11 participants made bids, and they bought 20% of the 16,800 taels the central bank offered to sell. A tael equals 37.5 grams or 1.2 ounces.

A former director of a large gold distributor, who asked not be identified, said that demand for gold is now steady after surging in recent weeks.

Businesses therefore are reluctant to make bids as the central bank’s starting prices are high, he told VnExpress.

Source: https://e.vnexpress.net/