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| Gold price declines in the local market |
HA NOI (Biz Hub) — The State Bank of Viet Nam (SBV) held its 50th gold auction on Tuesday, auctioning up to 26,000 taels (approximately one tonne) of gold.
Only 200 taels of gold remained after the auction which saw a decline in prices on the local market.
Prices fell VND500,000 (US$23.8) per tael from Monday's auction before credit institutions began submitting bids.
Up to 17 credit institutions bid in the auction, bidding between 37.25 and 37.31 million ($1,773-1,776) per tael.
At 2 pm, the Saigon Jewellery Company (SJC) posted gold prices between 37.05-37.45 ($1,764-1.783) on its website.
On the kitco.com trading floor, the selling price for gold had also declined to $1,292 per ounce, or $1,556 a tael, leaving gold prices in Viet Nam $220 higher per tael than global rates.
The SBV has held 50 gold auctions since March 28, selling more than 1,349 million taels (nearly 52 tonnes).— VNS