14,800 taels of gold released at its 63rd auction.

Friday, Oct 04, 2013 18:28


SJC is Viet Nam's state gold brand. — File Photo

HA NOI (Biz Hub) — The State Bank of Viet Nam (SBV) held its 63rd auction on Friday, releasing a further 14,800 taels onto the market.

The latest auction saw more than US$26 million raised from the gold bullion sale.

Credit institutions bought the 14,800 taels at a cost of VND37.40-37.42 million (US$1,774-1,775) per tael.

The Saigon Jewellery Company (SJC) posted prices marginally above and below the auction prices at VND37.32-37.54 million ($1,770-1,780) on its website the same afternoon.

The SBV has sold over 1.6 million taels since the first auction in March 28 this year, as a mechanism to regulate the local price of the commodity which continues to remain high.

Local retail prices remained $200 per tael higher than the rates posted by the internet trading floor kitco.com.

The central bank said an agency comprised of members from various government departments and offices had been established to ensure there was proper oversight for the sale of the gold. — VNS

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