The previous May 8 auction saw the successful auction of 34 lots equivalent to 3,400 taels and a total of three winning bidders. (Photo: VNA)

The total volume of bars scheduled for auction is 16,800 taels, each bid requires a 10% deposit on the total order. The reference price for calculating the deposit value is 88 million VND (3,520 USD) per tael.

The central bank said the minimum bidding volume of this upcoming auction is five lots, equivalent to 500 taels, down by 200 taels compared to the most recent session on May 8. In addition, the maximum bidding volume per member is allowed to increase significantly from 20 to 40 lots.

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

The May 8 session saw the successful auction of 34 lots equivalent to 3,400 taels and a total of three winning members.

According to experts, the SBV’s lowering of the minimum bidding volume per member aims to reduce the money supply and attract businesses to participate in bidding.

The price of SJC gold has fluctuated significantly in recent days, reaching 92.5 million VND per tael on May 10. However, the price returned to the range of 88-90 million VND per tael on May 13.