Auction for gold bullion to continue on April 25
Another bidding session for 16,800 taels of gold bullion will be held on April 25, the State Bank of Vietnam said in a statement. The bank said the auctions aim at ensuring stable, transparent, and effective operation of the domestic market.
Bidders need to deposit 10% of their purchase value. Each is allowed to place order for at least 1,400 taels and at most 2,000 taels. State-owned gold producer and distributor Saigon Jewelry Company and Asia Commercial Joint Stock Bank (ACB) bought 3,400 taels out of the16,800 offered by the central bank during the auction on April 23. The gold was purchased for 81.33 million VND (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.
Economists said bidders were prudent at the auction on April 23, with only two among the 11 participants winning bids, adding psychological factor has affected the domestic demand for gold in recent time. SJC gold prices rebounded following the auction, at 82.3 million for buyers and 84.3 million for sellers, up 1.3 million and 1 million VND per tael, respectively, at 13:14 on April 24.
Meanwhile, Doji gold prices rose 2 million VND and 1.5 million VND to 82 million VND for buyers and 84 million VND for sellers.
Source: https://en.vietnamplus.vn/