Buyers can bid to buy between 1,400 and 2,000 taels, with bids in multiples of 100 taels.

The starting price has been set at 82.9 million VND (over 3,263 USD) per tael, and bidders need to deposit 10% of their purchase value.

The auction on April 25 morning was cancelled as there was only one business submitting a bid form.

Earlier, state-owned gold producer and distributor Saigon Jewelry Company and Asia Commercial Joint Stock Bank (ACB) bought 3,400 taels out of the 16,800 offered by the central bank during the auction on April 23. The gold was purchased for 81.33 million VND (3,195 USD) per tael at the highest, and 81.32 million VND at the lowest, against the base price of 81.30 million VND.

Huynh Trung Khanh, Vice President of the Vietnam Gold Trading Association, suggested the SBV consider adjusting the minimum bidding volume to about 400 - 500 taels to attract more bidders.

SJC gold prices for May 2 were 82.9 million VND (buying) and 85.1 million VND (selling), almost unchanged after the five-day holiday from April 27 to May 1./. VNA