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The State Bank of Viet Nam sold 25,500 taels of gold to 12 credit institutions in its 54th gold auction on Tuesday.—Photo tin60s
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HA NOI (Biz Hub) — The State Bank of Viet Nam sold 25,500 taels of gold to 12 credit institutions in its 54th gold auction on Tuesday.
The gold traded in the range of VND37.98-38million ($1,808-1,809) per tael. It brought the total gold sold on the market by SBV since March to nearly 56 tonnes. On the local market, Saigon Jewellery Company (SJC) posted its gold prices at between 37.65-38.05 million ($1,792-1.811) on its website at 3pm.
On the kitco.com trading floor, the selling price for gold climbed to $1358.6 per ounce, or $1,637 a tael, leaving gold prices in Viet Nam $174 per tael higher than global rates.
Since early this month, SBV only offered two gold auctions per week instead of the previous three times.
On Monday, SBV issued a draft circular guiding the gold-keeping services in commercial and branches of foreign banks. Under this, the banks must specify the serial number of the gold bars kept for their clients in the contracts and return the same gold in order to avoid banks using the gold for their own money making activities.
The draft also clearly states that banks are not allowed to use the stored gold in any of their transactions.
The SBV is calling for comments for the draft until Sunday.— VNS