The State Bank has sold 1,036,900 taels, equal to nearly 40 tonnes of gold since March.— Photo Tinnhanhchungkhoan

HA NOI (Biz Hub) — The State Bank of Viet Nam on Wednesday sold 39,900 taels of gold in its 39th gold bar auction in the capital city. Five credit institutions bought the gold at VND37.20-37.30 million (US$1,771-1,776) per tael.

The auction price was VND500,000-VND600,000 ($24-28.5) per tael higher than the market buying price and VND200,000-300,000 ($9.5-14) lower than the market selling price.

The auction was the second one since the June 30 deadline for banks to return gold deposits to investors. It's understood the State Bank will continuously sell gold into the market rather than rely on bank demands.

At present the market price for gold in Viet Nam is VND5.3 million ($252) per tael higher than the global market price.

Since March this year, the State Bank has sold 1,036,900 taels, equal to nearly 40 tonnes of gold. — VNS