SBV opens tenth auction of gold bars

Tuesday, Apr 23, 2013 17:33

Domestic gold price is about VND6.2 million higher than that in the world market. Photo

HA NOI – The State Bank of Vietnam (SBV) today organised its 10th auction of gold bars, with a total volume of 26,000 taels offered.

All taels were sold. The SBV set the reference price at VND41.83 million (US$2,017) per tael, which is about VND120,000 higher than the buying price and about VND230,000 lower than selling price on the market, according to the newwire VnExpress.

It's reported that 22 enterprises and banks and banks attended the auction, eight of which bought taels.

The SBV began selling and buying gold with banks and enterprises in March this year in an effort to balance demand and supply and stabilise the market.

To date, the SBV has offered to sell 328,000 tales of gold bars, 289,400 taels of which have been sold.

The gold is priced from VND41.97 million to VND42.20 million per tael, about VND6.2 million higher than the gold price in world market. -- VNS

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