Vietnam central bank gold auction sees increased buying

TN News

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The State Bank of Vietnam held another bullion auction Wednesday, the fifth under the new regulations, selling nearly 40,000 taels of 37.5 grams each, the highest volume yet.

Bidders, mostly jewelers and banks, paid VND43.3-43.31 million (US$2,068) per tael.

The previous highest volume sold was around 26,000 taels in the last two auctions.

At 10 am the same day, SJC, Vietnam's largest gold trader, offered a tael at VND43.35 million.

The central bank has so far sold nearly 120,000 taels from the country's reserves in the auctions it started holding in late March.

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The auctions began after jewelers were prohibited from producing gold bullion in last May.

SJC is the sole producer now.

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