The State Bank of Vietnam announces the results of the gold bullion auction.

The State Bank of Vietnam has just announced the results of the gold bullion auction held this morning (April 4th), as well as the schedule for future auctions.

In this morning's session, 22 entities participated in the bidding; the total volume of successful bids was 25,700 taels of gold; the highest winning bid price was 43.37 million VND/tael; the lowest winning bid price was 43.23 million VND/tael; 20 out of 22 participating organizations were successful bidders.



Through the auction, the State Bank of Vietnam continues to increase the supply of gold bars on the market and participates in the market as the buyer and seller of last resort, aiming to stabilize the gold market in accordance with the policies of the National Assembly and the Government.

"The State Bank of Vietnam will continue to hold several gold bullion auctions in April 2013 to increase the supply of gold bullion and stabilize the gold market. The next auction is scheduled for tomorrow, April 5, 2013, and there may be three more auctions next week depending on market developments," the announcement stated.

VOrganizing auctions immediately and consecutively is a solution to limit speculative activity., pushing prices up after this morning's bidding session.

And unlike the "aftershocks" of the first session, instead of rising, the price of gold traded domestically decreased slightly in the early afternoon today.

According to VN Economy - TH