Ukraine puts gold deposit up for online auction, first time ever

Ukraine's State Service of Geology and Subsoil has for the first time put up a gold field lot, as well as others, for online auction.

During the trading, the total cost of lots increased by 83.3% – from UAH 6.5 (US$228,391) to UAH 38.4 million (US$1.3 million), the agency's press service reported on Facebook.

A total of 13 special permits for deposits of amber, manganese ores, groundwater, and gold were put up for online auction.

Read alsoNaftogaz opens new gas field in Poltava regionThe gold deposit lot was put up for an auction for the first time in Ukraine's history. It was acquired by Spys Ukraine LLC for a period of 5 years.

"We are making every effort to come up with interesting offers for the market and engage as many players as possible. A large number of auction participants created strong competition, which contributed to an increase in the final cost of the lots. As a result of the auctions, Ukraine's state budget will receive over UAH 38 million," Head of Ukraine's State Service of Geology and Subsoil Roman Opimakh.

Gold price

In August 2019, gold futures reached a six-year high on the New York Mercantile Exchange (COMEX). The price per ounce increased by 1.17% and reached US$1,503.30. Gold crossed the mark of US$1,500 for the first time since April 2013. The reason for the rise in prices is the steady demand for gold bars amid the trade war between China and the United States, slowing global growth and easing of monetary policy by world central banks.