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Gold speculation may be taking place on the market, so the SBV had to cut the amount of gold bidders were allowed to buy. Photo phapluat.vn
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HA NOI (Biz Hub) — About 25,900 taels of 26,000 taels (or one tonne of gold) offered by the State Bank of Viet Nam (SBV) sold at its 46th auction on Wednesday, reaching higher prices than achieved at the previous auction.
The bank set a reserve price of VND38.55 million (US$1,835) per tael. After the bidding, 16 of the 18 credit institutions bidding bought gold at prices ranging from VND38.72-38.65 million ($1,843-$1,840) per tael.
At the auction, each participant was allowed to buy 3,000 taels maximum, a reduction of 2,000 tales from the previous auctions. This is the second time since the first auction held in March that the SBV fixed the amount of gold buyers were allowed to purchase. The first reduction was from 15,000 taels to 5,000 taels at the 42nd auction.
An economic expert who wanted to remain anonymous said that gold speculation may be taking place on the market, so the SBV had to cut the amount of gold bidders were allowed to buy.
On the local market, gold from the Saigon Jewellery Company (SJC) was selling at VND38.90 million ($1,852) per tael, an increase of between VND170,000-200,000 compared with Tuesday's figures.
The SBV has held gold auction since March 28, selling 1,245,400 taels (or roughly 47.9 tonnes).
The price of gold on the world market is about VND34.40 million ($1,638) per tael, about 4.3 million lower than in Viet Nam. — VNS