SBV continues to pump gold into the market

Thursday, Jun 27, 2013 18:07

Gold auctions are expected to narrow the gap between domestic and global prices. File Photo

HA NOI (Biz Hub) — The State Bank of Vietnam (SBV) today injected 40,000 tales into the market at its weekly auction, 40 per cent more than previous auctions.

However, only 26,000 taels were bought at the 36th auction with participation of eight credit institutions.

The SBV set the reference price at VND38.65 million (US$1,840) per tael, VND550,000 more than the current market price.

The auction was one of the last to be held before June 30, the deadline for local banks to return all gold deposits to investors. It's estimated that more than ten out of 18 credit institutions have completed their gold deposit returns.

The auctions, which started in March this year, are expected to stabilise the gold market in Viet Nam, the largest buyer of gold in Southeast Asia after Thailand, and narrow the gap between domestic and global prices.

A SBV leader said that it would not extend the deadline again and would have contingency plans for those who failed to comply.

To date, the SBV has held 36 auctions offering 1,018,000 tales, 917,000 of which have been sold.

At 16:30 today, SJC gold in HCM City was being bought at VND36 million per tale, a drop of VND1.15 million compared with yesterday, while gold was being sold at VND36.65 million per tael, a cut of about VND900,000.

Kitco, an international company trading in gold and other precious metals, was selling gold for US$1,229 an ounce, about 5.7 million lower than the current Vietnamese price. — VNS



Comments (2)

Bó tay với Viện kiểm sát Cà Mau. Kiểu xử lý như vậy chẳng khác nào hô hào cán bộ chạy án rồi thành thật.....

Alibaba - Monday, 25/05/2015, 09:33 Reply | Like

A há... Vui gê... Viện bỏ cho cán bộ tòa bỏ túi 10 triệu đồng hà...dân vi phạm thì bắt bớ tùm lum...Pháp luật phải nghiêm minh Viện kiểm sát nhân dân tỉnh cà Mau ơi.... Tội phạm ai cũng thành thật mà được tha bổng hết, trại giam giam ai.... Trong trường hợp này, THÀNH THẬT KHI BỊ TỐ CÁO VÀ GIẢI TRÌNH TRƯỚC TẬP THỂ

Lương Thiện - Monday, 25/05/2015, 09:32 Reply | Like
Statistic