Eleven bidders win May 23 gold auction, Illustrative photo (Photo: VNA)

Hanoi – Eleven bidders bought 13,400 out of the 16,800 taels of SJC-branded gold bullion that the State Bank of Vietnam (SBV) offered for sale at an auction held on May 23.

The central bank said the highest winning price was 88.73 million VND (3,483 USD) and the lowest 88.72 million VND per tael. A tael equals 37.5 grams or 1.2 ounces.

The reference price for calculating the deposit value stood at 88.9 million VND per tael.

Since April 19, the SBV organised nine gold auctions, of them six successful with 48,500 taels sold, while the remainder failing to attract bidders.

The SBV, the Government Inspectorate, the Ministry of Public Security, the Ministry of Finance, and the Ministry of Industry and Trade have established an inspection team to inspect the compliance with policies and laws in gold trading activities of credit institutions and gold trading enterprises.

The period for inspection spans from January 1, 2020, to May 15, 2024, encompassing adherence to legal regulations concerning gold trading, including anti-money laundering, accounting and invoicing practices, tax declaration and fulfillment. Inspections may be extended to the time before or after the specified period if deemed necessary.

The SBV recommends people to be cautious when participating in gold transactions to minimise risks.

On May 23, domestic gold prices sharply fell compared to the previous day's close. At 1:50pm, Saigon Jewelry JSC listed SJC gold price at 87.8-89.8 million VND per tael (buy - sell), both down 1.1 million VND from May 22.