Illustrative photo

Accordingly, the minimum bidding volume per bidder in the upcoming auctions is five lots, equivalent to 500 taels, and the maximum bidding volume per bidder is 40 lots.

Each bidder is only permitted to register one minimum price equal to or higher than the floor price announced by the bank.

The May 16 session saw 11 bidders buying 12,300 taels. The highest winning price was 88.92 million VND (nearly 3,500 USD) and the lowest was 88.89 million VND per tael. A tael equals 37.5 grams or 1.2 ounces.

Since April 19, the SBV has organised seven gold auctions, of them four successful with 27,200 taels sold, while the remainders failed to attract bidders. In the auctions, the bank offered a reference price close to that of Saigon Jewelry JSC (SJC), a major retailer, in the market.

According to the SBV, its auctions aim to ensure stable, transparent, and effective operations of the domestic gold market./.