During the 8th auction organized by the State Bank, 7,900 taels of SJC gold bars were purchased by 9 banks and businesses at a price of 89.42 million VND per quantity. This amount represents nearly half of the bidding scale and follows the release of 35,000 taels to the market by the State Bank in the past month. The price businesses pay for gold bars from the State Bank is 900,000 VND higher per tael compared to what SJC buys from individuals and 2.9 million VND lower than the market price.
In recent days, international developments have caused a decline in the price of gold bars at business units, with SJC listing their prices at 88.5 – 90.5 million VND, a decrease of 500,000 VND in both directions. On the international market, spot gold dropped to 2,415 USD per ounce after reaching a peak yesterday, equivalent to 74.1 million VND per tael when converted at Vietcombank exchange rate.
During this period, eight auctions have been held by the State Bank with five successful sessions resulting in a total release of over thirty-five thousand taels of SJC gold bars to market. After initially slow bidding sessions, changes were made to minimum and maximum bidding scale conditions leading to an increase in participation and supply volume to market. Bidding is viewed as only a temporary solution to increase supply and stabilize prices but experts agree that long-term elimination of monopoly on gold bars is necessary for sustainable pricing stability.
