SBV sells all its 40,000 taels of gold on Tuesday's auction. — Photo Hanoimoi.com.vn

HA NOI (Biz Hub) — The State Bank of Viet Nam (SBV) sold all 40,000 taels of gold it put up for auction on Tuesday morning. Thirdteen credit institutions bought the gold with winning prices ranging from VND37.48-37.7 million (US$1,784-1,795) per tael.

Gold prices in the local market fluctuated this morning during the auction, but the fluctuations were in a narrower band than those during previous auctions. The gold price increased by only VND50,000($2.2) over yesterday's price. In the afternoon, the SJC gold price was listed at VND37.3-37.7 million ($1,776-1,784) per tael (buy-sell).

After more than one week, SBV has sold most of the 160,000 taels that were on offer, despite many experts saying gold demand from businesses and banks was still very high. Since 28 March, SBV has held 41 auctions, selling 1.169 million taels or about 43 tonnes of gold.

Meanwhile, at the global gold trading site Kitco.com, the price went up sharply to $1,255.5 per ounce ($1,512.8 per tael), making the gold price in Viet Nam $272 per ounce higher than the official global price. — VNS