Gold prices fell in the local market on Thursday.

HA NOI (Biz Hub) — Gold prices declined markedly after the State Bank of Viet Nam (SBV) sold out all 26,000 taels (or one tonne of gold) at its 49th auction on Thursday.

This morning, prior to bidding, the price of gold fell on the local market by VND350,000(US$16.6) per tael compared to Wednesday's price. After 17 credit institutions purchased gold at bids ranging from 37.60-37.64 million ($1,790-1,792) per tael, the price dropped another VND150,000($7) per tael after the auction. At 2 pm, gold from the Saigon Jewellery Company (SJC) was listed between 37.30-37.70 ($1,776-1.795) on its official website.

On the kitco.com trading floor, the selling price for gold also declined to $1,324 per ounce ($1,591 a tael), leaving gold prices in Viet Nam $204 per tael higher than global prices.

The SBV has held 49 gold auctions since March 28, selling more than 1,323 million taels (or nearly 51 tonnes).

In the forex field, US dollar exchange rates at commercial banks continued to decline in recent days; Vietcombank lowered the price to 20 dong per dollar this morning at 21,170. While the Eximbank sold the dollar for VND21,190. On the free market the dollar was selling at VND21,300. — VNS