Gold prices in Vietnam drop ahead of 9th central bank auction
Prices of gold biscuits in Vietnam decreased around VND1 million ($39.3) a tael on Thursday morning from the previous day ahead of the central bank’s ninth auction to increase supply of the metal.
State-controlled Saigon Jewelry and Germ Stone Co. (SJC) was offering its SJC-branded bullion at VND87.8-89.8 million ($3,525.8) a tael for buy and sell, respectively, down VND1.1 million from Wednesday’s close.
SJC-branded one-tael gold bars. Photo courtesy of the Vietnam News Agency.
Privately-run Doji, a major gold retailer, quoted the metal at VND87.8-89.6 million ($3,518) a tael at 10 a.m., down VND1.2-0.9 million from Wednesday’s close.
At 8 a.m. (Hanoi time), international spot gold prices stood at $2,378.9 an ounce, down $30.1 from last night, as the U.S. dollar strengthened. The yellow metal has rallied over 16% since the start of this year.
The State Bank of Vietnam, the country’s central bank, is scheduled to auction another 16,800 bars of SJC-branded gold on Thursday morning. The reference price was set at VND88.9 million ($3,490.5) a tael.
The bank had sold a total of 35,100 taels since April 19 in five auctions while the three others failed due to a lack of interest.
In the latest session, nine bidders spent VND706.42 billion ($27.75 million) on buying 7,900 taels at VND89.42 million each.
The central bank is leading multi-agency inspection teams to detect violations in the local gold market, a move aimed at stabilize prices of the metal.
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