The State Bank of Vietnam (SBV) has released a total of 27,200 taels of SJC-branded gold to the market through seven auction sessions  since April 19.

In the latest session held on May 16, eleven winning bidders bought a total of 12,300 out of the 16,800 taels of SJC-branded gold bullion put up for sale, according to the SBV.

The highest winning price was VND88.92 million ($3,500) and the lowest VND88.89 million per tael.

The SJC gold selling price was listed at VND90 million ($3,540) per tael  at 1pm on May 16, as a result.

Previously, the central bank had announced six SJC gold bullion auction schedules - on April 22, April 23, April 25, May 3, May 8 and May 14, with the same volume of SJC-branded gold bullion put up for each session.

However, only three of these, on April 23, May 8 and May 14, had been successful. The remaining rounds had been all cancelled due to an insufficient number of bid submissions.