Over 35,000 taels of SJC gold sold to market in one month

May 22nd at 07:46
22-05-2024 07:46:27+07:00

Over 35,000 taels of SJC gold sold to market in one month

The eighth SJC-brand gold auction took place on Tuesday morning, with nine winning bids, said the Sate Bank of Vietnam (SBV).

The SJC gold price is nearly VNĐ20 million higher than the international price. — VNA/VNS Photo

A total of 79 lots, equivalent to 7,900 taels of gold bullion were successfully auctioned.

The central bank said that the highest and lowest winning bid price in this gold auction was the same, VNĐ89.42 million per tael (US$3,512).

On the domestic market, the SJC gold prices are quoted at VNĐ88.5 million per tael for sellers at 2.16pm, and VNĐ90.5 million per tael for buyers.

As a result, the winning bid price was VNĐ920,000 per tael higher than market prices for sellers, but VNĐ1.08 million per tael lower than the market prices for buyers.

On May 20, the SBV announced it would auction a total volume of 16,800 taels of SJC gold bars. The reference price used to calculate the deposit value was set at VNĐ88.6 million per tael. And the lot size was 100 taels.

The minimum auction volume was specified as 5 lots, equivalent to 500 taels. The maximum auction volume allowed per member was 40 lots or 4,000 taels.

The central bank stated that the purpose of the gold bullion auction is to intervene in a timely manner, reducing the gap between domestic and global gold prices. This is aimed at ensuring the gold market operates in a stable, healthy, transparent and efficient manner, in line with the Prime Minister's directives.

The spot gold price on the international market is traded at $2,414.7 per ounce, equivalent to VNĐ70.6 million per tael, which is nearly VNĐ20 million lower than the domestic price.

Since April 19, the SBV has organised eight auctions to sell SJC gold bars to increase the supply to the market. Out of these eight auctions, five were successful, with a total winning bid volume of 35,100 taels of gold. 

Bizhub





RELATED STOCK CODE (2)

NEWS SAME CATEGORY

Thanh Hà lychees sold on Australian supermarket shelves

The first batch of Thanh Hà lychees exported to Australia by air this year has officially appeared on Australian supermarket shelves.

​Soaring Chinese steel imports threaten Vietnamese market

A surge in imports of cheap Chinese-made steel is stoking anxiety among domestic producers and the steel market in Vietnam.

VN imports over US$3 billion in mobile phones and components in Q1

Việt Nam's import of mobile phones and components reached over US$3 billion during the first quarter of 2024, according to data from the General Department of...

Indonesia wants to boost rice cooperation with Cần Thơ

Indonesia hopes for further cooperation with the Mekong Delta city of Cần Thơ in rice exports and technology in the agricultural sector to increase rice supply in...

Vietnam’s wine market to reach US$167B in 2027

Vietnam, a nation of 100 million people, has seen a rise in consumption due to the growing middle class, making it a potential market for international wine...

Việt Nam's rubber exports expected to reach $3.3 billion in 2024

Việt Nam's rubber exports are expected to reach between US$3.3 billion and $3.5 billion in value by the end of the year, according to a forecast from the Vietnam...

Hanoi's thriving tea industry faces challenges in boosting exports

Hanoi currently has over 2,000 hectares under tea cultivation, mainly in the mountainous and hilly terrains, with an annual production of over 20,000 tons.

PM orders conclusion of gold market inspection in May

The Prime Minister emphasized the need to regulate the gold market to ensure stability, efficiency, and transparency and to prevent gold hoarding from affecting...

Vietnam’s honey is ready to make waves in global market

Vietnam's honey, which was nominated for a special agricultural product in 2023, has shown notable progress along the whole value chain.

Domestic firms urged review cold rolled stainless steel exports to RoK in case of investigation

The Trade Remedies Authority of Việt Nam under the Ministry of Industry and Trade has urged domestic manufacturers and exporters of cold rolled stainless steel to...

Commodity prices


MOST READ


Back To Top