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| Gold demand seems to be endless in the local market. Photo tigiavang.net |
HA NOI (Biz Hub) — The State Bank of Viet Nam (SBV) held its 51th gold auction on Thursday, auctioning off 26,000 taels or approximately one tonne of gold.
Since March 28, the SBV has sold 1.375 million taels, nearly 53 tonnes, however, the demand for gold seems to be endless. At today's auction, only 300 taels remained unsold as 15 different credit institutions secured the gold for between 37.28 and 37.33 million ($1,775-1,777) per tael.
On the local market, the price of gold increased by VND200,000($9.5) per tael compared with yesterday's price. At 2 pm, the Saigon Jewellery Company (SJC) posted its gold prices at between 37.35-37.65 ($1,778-1.793) on its website.
However on the kitco.com trading floor, the selling price for gold dropped to $1,290.3 per ounce, or $1,555 a tael, leaving gold prices in Viet Nam $238 higher per tael than global rates.
On the forex market, commercials banks were also paying more for the US dollar after the SBV's similar action yesterday. Vietcombank listed the greenback selling/buying prices at VND21,070/21,140, up VND60 compared with two days ago. Similar increases were recorded at other banks.—VNS