1,300 taels of gold left unsold at auction

Friday, Jul 12, 2013 17:02

There are 1,300 taels of gold unsold in Friday's auction. — Photo Giavang.net

HA NOI (Biz Hub) — For the first time in the State Bank's last six gold auctions, 1,300 taels were left unsold on Friday. The bank offered 26,000 taels (one tonne) of gold with 16 credit institutions in attendance.

The bank set a reserve price of VND37.35 million ($1,778) per tael, up to VND350,000 ($16.60) higher than the local market price. One institution left without bidding; the other 15 bought 24,700 taels between them at VND37.4-37.5 million ($1,781-1,785) a tael.

The gold price kept falling from early morning today, down by VND50,000($2.20) a tael by early afternoon compared with the same time yesterday. Saigon Jewelry Company gold was listed at 37-37.42 million ($1,761-1,781).

After hitting $1,300 per ounce (1,566.5 a tael) last night, the price fell to $1,276.5 per ounce ($1,538.2 a tael) on the global Kitco.com trading floor, making the gold price in Viet Nam $214.5 per tael higher than the official global price.

Since March 28, the State Bank has held 43 gold auctions, selling nearly 1.168 million taels (about 45 tonnes). — VNS

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