SBV sells nearly 1 tonne of gold on Monday.— Photo 24h.com

HA NOI (Biz Hub) — The State Bank of Viet Nam (SBV) shifted the majority of the 26,000 taels (or one tonne of gold) offered for sale at its 45th auction on Monday despite sharp fluctuations in gold prices on the local market.

The bank set a reserve price of VND37.7 million ($1,795) per tael at 11am, VND500,000 ($24) lower than the current market price. After the bidding, 14 credit institutions bought 25,900 tonnes of gold at prices ranging from 37.87-37.95 million($1,803-1,807) per tael.

In the local market, gold prices fluctuated from early morning on Monday until bidding concluded. Gold from the Saigon Jewellery Company (SJC) was listed at between 37.8-38.2 million ($1,800-1,820) on its official website after the auction.

On the Kitco.com trading floor, the selling price for gold rose to $1,317.6 per ounce ($1,587.7 a tael), causing gold prices in Viet Nam to increase $231 per tael higher than global prices.

The SBV has held 45 gold auctions since March 28, selling nearly 1.22 million taels (or roughly 47 tonnes). — VNS