Another bidding session for 16,800 taels of gold bullion will be held today, the State Bank of Vietnam said in a statement.

The bank said the auctions aim at ensuring stable, transparent, and effective operation of the domestic market.

Bidders need to deposit 10 per cent of their purchase value. Each is allowed to place order for at least 1,400 taels and at most 2,000 taels.

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 VNĐ81.33 million (US$3,195) per tael at the highest, and VNĐ81.32 million at the lowest, against the base price of VNĐ81.30 million.

Economists said bidders were prudent at the auction on April 23, with only two among the 11 participants winning bids, adding psychological factor has affected the domestic demand for gold in recent time.

SJC gold prices rebounded following the auction, at 82.3 million for buyers and 84.3 million for sellers, up VNĐ1.3 million and VNĐ1 million per tael, respectively, at 13:14 on April 24.

Meanwhile, Doji gold prices rose VNĐ2 million and VNĐ1.5 million to VNĐ82 million for buyers and VNĐ84 million for sellers.