Gold auctions sell out in 3 consecutive sessions.
Today's gold bullion auction marks the third consecutive session in which the State Bank of Vietnam has sold the entire volume of gold offered.
The State Bank of Vietnam announced that this morning it held its 49th gold bullion auction, the second auction this week. Offering 26,000 SJC gold bars, equivalent to 1 ton of gold, the State Bank sold all of the offered gold.
This is the third consecutive gold auction with no surplus gold. If the current gold auction demand reflects the actual gold demand of the market, then the domestic gold market still appears to be undersupplied with SJC gold.
Gold purchases in today's session were made by bidders at prices ranging from 37.6 million VND/ounce to 37.64 million VND/ounce. Today can be seen as a good opportunity for banks and businesses needing to buy gold, as the price of SJC gold on the market this morning fell below 38 million VND/ounce, reaching its lowest level in nearly half a month.
Today's winning bid price for gold is approximately 200,000 VND/ounce higher than the SJC gold price listed by businesses for purchase on the market at the time of the auction. This difference is not too large, as in the past, there have been auctions where the winning bid price was as much as 400,000 VND/ounce higher than the market price. Banks and businesses seem to have become "accustomed" to buying gold from the State Bank of Vietnam at a price several hundred thousand VND higher per ounce than the market price.
Seventeen entities won bids for gold bars in today's auction. Since the State Bank of Vietnam reduced the maximum bid amount per session to 3,000 taels, the number of entities successfully purchasing gold has increased significantly, resulting in a more even distribution of supply to the market.
Over the past 49 auctions, the State Bank of Vietnam has offered 1,426,000 taels of gold, equivalent to more than 54.8 tons, and sold 1,323,400 taels, equivalent to 50.9 tons.
The decline in SJC gold prices in the morning has slowed down this afternoon, but SJC gold bars are still at their lowest price in nearly two weeks. Around 4 PM, the price of SJC gold in Hanoi, as listed by DOJI Group, was 37.55 million VND/ounce (buying) and 37.7 million VND/ounce (selling). In Ho Chi Minh City, SJC Company quoted SJC gold at 37.3 million VND/ounce and 37.77 million VND/ounce respectively.
Compared to the converted world gold price, the selling price of SJC gold is currently about 3.8 million VND/ounce higher.
According to VnEconomy - TH
