Local gold price falls sharp in SBV 71th auction

Thursday, Nov 21, 2013 16:19

The Saigon Jewellery Company (SJC) sells each tael of gold at a lower price of VND36.07 million ($1,717) on Thursday. It was VND36.43 million ($1,734) on November 20.— Photo baoquangninh.com

HA NOI (Biz Hub) —Gold prices in the local market tumbled when the State Bank of Viet Nam sold 14,800 taels in its 71st auction on Thursday. At the auction, 17 credit institutions bought gold priced at VND36.07-36.10 million ($1,717-1,718) per tael.

The Saigon Jewellery Company (SJC) posted gold prices between VND 35.97-36.07 million ($1,712-1,717) on its website, falling VND360,000($17) per tael compared with the previous day.

The selling price was $1246.70 per ounce or $1,502 per tael on kitco.com, meaning local prices were $215 higher per tael than global rates.

The central bank has sold over 1.74 million taels since its first auction in March.— VNS

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