Compared to previous auctions, the State Bank has made significant changes to the minimum and maximum volumes of each bidding member. Accordingly, the minimum bidding volume that a member is allowed to bid is 5 lots (equivalent to 500 taels), 2 lots (200 taels) lower than the regulations in previous auctions.
The maximum bidding volume that a member is allowed to bid is 40 lots (equivalent to 4,000 taels), 20 lots (2,000 taels) more than the regulations in previous bidding sessions. The reference price for calculating the deposit price is 88 million VND/tael. This reference price is 2.7 million VND higher than the reference price of the most recent bidding session that took place on the morning of May 8. Members participating in the auction will have to deposit 10% of the registered volume value (according to the reference price).
The State Bank previously conducted 5 auctions of SJC gold bars on April 22, April 23, April 25, May 3 and May 8. Each auction was for 16,800 taels of SJC gold bars. Only 2 auctions on April 23 and May 8 had winning bidders. After 2 auctions, 6,800 taels of gold bars were sold. The remaining auctions were canceled due to the lack of bidders.
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