1,300 taels of gold left unsold at auction

July 13, 2013 | 16:38

(0) user say

For the first time in the State Bank's last six gold auctions, 1,300 taels were left unsold yesterday. The bank offered 26,000 taels (one tonne) of gold with 16 credit institutions in attendance.

The bank set a reserve price of VND37.35 million ($1,778) per tael, up to VND350,000 ($16.60) higher than the local market price. One institution left without bidding; the other 15 bought 24,700 taels at between VND37.4-37.5 million ($1,781-1,785) a tael.

The gold price kept falling from early morning yesterday, down by VND50,000($2.20) a tael compared with the same time of the previous day. Saigon Jewelry Company gold was listed at 37-37.42 million ($1,761-1,781).

After hitting $1,300 per ounce (1,566.5 a tael) last night, the price fell to $1,276.5 per ounce ($1,538.2 a tael) on the global Kitco.com trading floor, making the gold price in Viet Nam $214.5 per tael higher than the official global price.

Since March 28, the Central Bank has held 43 gold auctions, selling nearly 1.168 million taels (about 45 tonnes).

VNS

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional