The State Bank of Vietnam (SBV) has announced that it canceled the gold bullion auction scheduled for April 25 morning as only one business submitted its bidding form.
SJC gold prices decreases to 81.7 million VND for buyers on April 25 afternoon after rebounding to 82.3 million VND following the auction on April 23. (Illustrative image - Photo: VNA)
Hanoi (VNA) - The State Bank of Vietnam (SBV) has announced that it canceled the gold bullion auction scheduled for April 25 morning as only one business submitted its bidding form.
The central bank planned to sell 16,800 taels of gold bullion with a reference price of 82.3 million VND (over 3,248 USD) per tael, which is 1.6 million VND higher than the previous session on April 23.
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 the 16,800 offered by the central bank during the auction on April 23. The gold was purchased for 81.33 million VND 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, with only two among the 11 participants winning bids, adding psychological factors has affected the domestic demand for gold in recent times.
Huynh Trung Khanh, Vice President of the Vietnam Gold Trading Association, suggested the SBV consider adjusting the minimum bidding volume to about 400 - 500 taels to attract more bidders.
SJC gold prices decreased to 81.7 million VND for buyers on April 25 afternoon after rebounding to 82.3 million VND following the auction.
According to economic expert Ngo Tri Long, Vietnam has 38 gold trading companies, very few of them able to join auctions./.
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SJC gold prices decreases to 81.7 million VND for buyers on April 25 afternoon after rebounding to 82.3 million VND following the auction on April 23. (Illustrative image - Photo: VNA) 
