Three bidders win Vietnam gold auction at high price

HANOI: The State Bank of Vietnam (SBV) announced the result of Wednesday’s (May 8) gold auction, with three winning bidders securing 34 lots.

The only winning bid price is VNĐ86.05 million (US$3,383 per tael), which is VNĐ750,000 per tael higher than the reference price.

As a result, a total of 3,400 taels of SJC-branded gold bars have been successfully sold out of the total 16,800 taels auctioned by the SBV.

This is the second successful auction out of a total of five auctions, while the other three were postponed due to insufficient registered bidders. The total amount of gold successfully auctioned after these two sessions is 6,800 taels.

In the previous successful auction on April 23, there were two winning bidders with a total volume of 34 lots. The highest winning bid price was VNĐ82.33 million per tael and the lowest winning bid price was VNĐ81.32 million.

On the market, SJC gold prices rebounded from early trade. At 2.20pm, Saigon Jewellry Company Limited (SJC) quoted gold prices at VNĐ85.2 million per tael for sellers and VNĐ87.5 million per tael for buyers.

The domestic gold price set a new record high at VNĐ87.5 million per tael on Tuesday, up 18.2 per cent from the end of last month. — Vietnam News/ANN