SBV has already sold nearly 50 tonnes of gold in the last four months.

HA NOI (Biz Hub) — The State Bank of Viet Nam (SBV) sold 26,000 taels or one tonne of gold to 17 credit institutions at its 48th auction today.

The bank set a reserve price of VND 37.95 million ($1,807) per tael. After the bidding, the winning prices ranged from 38.00-38.08 million ($1,809-1,813) per tael.

In the local market, prices dropped slightly this morning. Gold from the Saigon Jewellery Company (SJC) was listed at between 37.72-38.12 million ($1,786-1,815) on its official website after the auction at 2pm today.

On the kitco.com trading floor, the selling price for gold also declined to $1,325 per ounce ($1,596 a tael), leaving gold prices in Viet Nam $219 per tael higher than global prices.

The SBV has held 48 gold auctions since March 28, selling more than 1.29 million taels (or nearly 50 tonnes). — VNS