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| SBV has sold about 60 tonnes of gold since March.— Photo Tigiavang.net |
HA NOI— The State Bank of Vietnam (SBV) held its 59th auction on Tuesday, with a total of 20,000 taels of gold on offer.
Of the amount, 16 credit institutions bought 19,900 taels at a cost of VND37.33-37.39 million ($1,777-1,780) per tael.
Saigon Jewellery Company (SJC) posted gold prices of VND37.37-37.57 million ($1,779-1,789) on its website at 3pm while the global price also stayed to $1,320.4 per ounce, or $1,596 a tael, on the kitco.com trading floor, leaving gold prices in Viet Nam $193 per tael higher than global rates.
Since the first SBV gold auction in March, the bank has sold 1.557 million taels or nearly 60 tonnes of gold.
According to SBV, 18 credit institutions have closed their gold position after the SBV sold out the first 30 tonnes of gold. The rest of the gold (of more than 29 tonnes) was sold to the market by the winning bidders.
SBV said to ensure the security of gold trading, it regularly inspects the current 2,500 licensed retailing points of 38 credit institutions in all 63 provinces and cities across the country to ensure prices are listed publicly and in compliance with regulations on accounting, and invoices are provided to all customers . — VNS