The State Bank has just announced the cancellation of the SJC gold bar auction scheduled to take place this morning (May 3), because only 1 unit submitted a bid form.
According to the announcement of the State Bank, the bidding session is expected to take place at 9:00 a.m. this morning at the Foreign Exchange Reserve Management Department, the bidding volume is 16,800 taels of SJC gold bars. The reference price to calculate the deposit is 82.9 million VND/tael.
The minimum bidding volume each member is allowed to buy is 14 lots (equivalent to 1,400 taels), the maximum bidding volume is 20 lots (equivalent to 2,000 taels).
The bidding price step is 10,000 VND/tael, the bidding volume step is 1 lot (100 taels).
This is not the first time the State Bank of Vietnam has announced the cancellation of a gold bar auction close to the scheduled time of the auction.
The most recent time, on April 25, the State Bank had to cancel the bidding session scheduled to take place that day, also because only one unit submitted a bid form.
To date, only one bidding session on April 23 has taken place as planned with the result that 2 members won the bid, with a total volume of 34 lots (3,400 tael). The highest winning bid price was 82.33 million VND/tael, the lowest winning bid price was 81.32 million VND/tael.
Regarding gold price developments this morning, the domestic SJC gold price continued to increase slightly, to over 85.2 million VND/tael. At 10:33 on May 3, SJC’s 9999 gold price increased by 100,000 VND/tael in both buying and selling, to 85.3 million VND/tael (sold).
