SBV sells a tonne of gold in 44th auction

Tuesday, Jul 16, 2013 15:39

SBV sells 1 tonne of gold in the 44th auction on Tuesday. — Photo

HA NOI (Biz Hub) — The State Bank of Viet Nam shifted all 26,000 taels, or one tonne of gold that was up for sale at the 44th auction this Tuesday to 14 individual credit institutions.

The bank set a reserve price of VND37.2 million ($1,771) per tael at 11 am, VND250,000 ($12) lower than the existing local market price. The winning price in today's bidding was VND37.22-37.31 million ($1,761-1,781).

The gold price kept falling from early morning today, ending up losing VND45,000($2) a tael by early afternoon compared with the same time yesterday. Gold from the Saigon Jewellery Company was listed at 37.17-37.47 million ($1,770-1,784) on its official website.

On the trading floor, the selling price was $1,286.4 per ounce ($1,550 a tael), making the gold price in Viet Nam $234 per tael higher than global prices.

The State Bank has held 44 gold auctions since March 28, selling nearly 1.193,6 million taels (roughly 46 tonnes). — VNS

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