The State Bank of Vietnam (SBV) has released 27,200 taels of SJC-branded gold bars, equivalent to approximately one metric ton, to the domestic market over the course of four auctions.

One tael is equivalent to 1.21 troy ounces.

One of the SBV’s four auctions took place on Thursday, when 16,800 taels were put up for grabs.

Eleven entities placed bids, including Saigon Jewelry Company (SJC), DOJI Gold & Gems Group Joint Stock Company (DOJI), Phu Nhuan Jewelry Joint Stock Company (PNJ), Phu Quy Gold Silver Jewelry Gemstone Company, Asia Commercial Joint Stock Bank (ACB), TPBank, HDBank, Sacombank, VPBank, Eximbank, and Asean Jewelry Joint Stock Company.

The starting price for the bullion at the auction was set at VND88.89 million (US$3,462) per tael, some VND15.6 million ($608) higher than the global price.

All the 11 bidders won the bids during the auction, with the most expensive price at VND88.92 million ($3,466) and the cheapest at VND88.89 million.

The global price of gold stood at $2,389.4 per ounce, equivalent to VND73.32 million ($2,858) per tael, on Thursday afternoon.

SJC, the largest gold firm in Vietnam, was selling gold for VND90 million ($3,507) per tael on Thursday afternoon, down VND200,000 ($7.8) against the day before. The buying price was VND87.5 million ($3,411) per tael.

Bao Tin Minh Chau Company listed its buying and selling prices at VND87.55 million ($3,412.5) and VND89.5 million ($3,488.5) per tael of SJC gold bullion, respectively, the same day.

At DOJI, a tael of SJC-branded gold was on sale for VND89.7 million ($3,499), down VND200,000 from the day before.

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