Gold prices sinks in SBV's 72nd auction

Thursday, Nov 28, 2013 18:41

Customers are often numerous at the Bao Tin Minh Chau gold shop in Ha Noi. — File Photo

HA NOI (Biz Hub) — Gold companies experienced an increase of trading volume for gold on Thursday when the local prices for gold bottomed out to a three-year low at around VND35.2million (US$1,675) per tael.

In the afternoon of the same day, the State Bank of Viet Nam announced that it sold 14,900 taels out of the 15,000 it offered in the 72nd auction to 13 credit institutions at VND35.20-35.25 million($1,675-1,677) per tael.

Bui Thuy from Bao Tin Minh Chau Jewellery and Gemstone Company (BTMC)'s gold trading section told Biz Hub that buyers were more numerous at the company's trading network in recent times, which recorded an additional 70 per cent more customers than usual.

Meanwhile Phu Nhuan Jewellery company reported that they received a higher number of buyers for gold today.

On its website on November 28, BTMC suggested that it was time for investors to buy gold at the low price, however, Bui Thuy said it was impossible to give a prediction on the price for next month as there was so many factors affecting the price.

The Saigon Jewellery Company (SJC) posted gold prices between VND35.15-36.27 million ($1,673-1,679) on its website while the selling price was $1,240.20 per ounce or $1,494 per tael on, meaning local prices were $185 higher per tael than global rates.

The central bank has sold over 1.755 million taels since its first auction in March.—VNS

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