Without a sufficient number of members registering to bid and transferring deposits according to regulations, the State Bank canceled the gold bar auction scheduled to take place this morning. The State Bank of Vietnam will launch a gold bar auction at 10:00 a.m. on Tuesday, April 23.
Implementing the policy of bidding to sell gold bars to increase supply to the market, on the afternoon of April 19, the State Bank (SBV) widely announced the bidding to sell gold bars on the State Bank’s website and announced directly. Up to 15 credit institutions and businesses are eligible to participate in the gold auction. The bidding time is expected to be at 10:00 a.m. Monday, April 22.
However, this morning (April 22), due to not having enough members to register to bid and transfer deposits according to regulations, the State Bank of Vietnam canceled the session. Gold bidding This.
To continue to drastically implement the solution of bidding to sell gold bars and increase supply to the market, the State Bank said it will launch gold bar auctions at 10:00 a.m. on Tuesday (April 23) and has widely notified organizations. Credit institutions and businesses are eligible to register to bid and deposit on Monday.
Previously, the State Bank announced the auction of 16,800 taels of SJC gold bars on the morning of April 22, with a reference price of 81.8 million VND/tael.
The volume of gold bars in a trading lot is 100 taels of SJC gold bars. To participate in the bidding, members are required to deposit 10% of the bid value (compared to the reference price).
The minimum bidding volume a member is allowed to bid is 14 lots, equivalent to 1,400 taels. The maximum quantity allowed to bid is 20 lots, equivalent to 2,000 taels. The bidding price is 10,000 VND/tael.
According to regulations, each bidding member can only register a minimum price equal to or higher than the floor price announced by the State Bank.
Previously, in the invitation to bid sent by the State Bank to credit institutions and gold trading companies, the State Bank noted the case of not being able to buy gold from the international market because partners did not have enough gold supply according to demand, the State Bank of Vietnam said. decided to cancel the bidding results.
Currently, there are 26 units, including credit institutions and gold trading enterprises, that have established gold bar trading relationships with the State Bank. Before this bidding session took place, there were 15 units qualified to participate in the bidding session.
This is the first time after 11 years that the State Bank has organized a gold bar auction. In 2013, the State Bank of Vietnam organized 76 auctions to sell gold bars, with a total winning volume of 1,819,900 taels out of a total of 1,932,000 bids.
