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State Bank auctions off 40,000 taels of gold

Jul 6th at 20:27
06-07-2013 20:27:33+07:00

State Bank auctions off 40,000 taels of gold

The State Bank of Viet Nam (SBV) sold all the 40,000 taels of gold it put up for auction during yesterday morning.

 

Seven credit institutions bought the gold with the winning prices ranging from VND37.9-38.08 million (US$1,804-1,813) per tael.

On the local market, gold prices are reported to be VND350,000 ($17) higher than yesterday, at 38.2million ($1,819) for those selling.

On the other hand, at the global gold trading Kitco.com, the price dropped down to $1,236 per ounce ($1,489 per tael). So, the gold price in Viet Nam is still $330 higher than the acknowledged global one. In just one week SBV has sold most of the 120,000 taels that were on offer.

Since 28 March, SBV has held 40 auctions, selling 1.0769 million taels or 41.1 tonnes of gold. On top of that, it suspended some of the commercial banks' gold holding services yesterday.

However, Nguyen Quang Huy, head of SBV's forex management department said that banks that adhere to the regulations are still allowed to operate the service. Huy added that SBV may issue a draft circular in two weeks.

vietnamnews

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