Vietnam's central bank successfully auctions 3,400 taels of SJC-branded gold bars

Hanoi, April 24 (VNA) –  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.

The two winners were Saigon Jewelry Company Limited (SJC) and Asia Commercial Joint Stock Bank (ACB).

The highest winning price stood at 81.33 million VND (3,195 USD) per tael, while the lowest was 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 credit institutions and enterprises. These entities were required to meet all the conditions specified by the SBV to take part in the auction.

According to 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 when over 1.8 million taels were offloaded, with a total of 76 auctions.

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./.