The State Bank of Vietnam (SBV) has announced a morning auction of 16,800 taels of its SJC gold bars in Hanoi on May 16. (Photo: VNA)

Accordingly, each bid requires a 10% deposit on the total order. The reference price for calculating the deposit value is 87.5 million VND (3,500 USD) per tael.

The central bank said the minimum bidding volume of the upcoming auction is five lots, equivalent to 500 taels, with the maximum bidding volume per member reaching 40 lots.

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

The May 14 session saw eight bidders buying 8,100 taels. The highest and lowest winning bid prices logged were 87.73 million VND and 87.72 million VND per tael, respectively.

The price of SJC gold has fluctuated significantly in recent days, reaching 92.5 million VND per tael on May 10. It ranged from 89.2 to 90 million VND per tael at 3pm on May 15.

According to the SBV, its auctions aim to ensure stable, transparent and effective operation of the domestic gold market.