SBV sells more gold at auction
The State Bank of Viet Nam (SBV) sold one tonne of gold yesterday in its 35th gold bar auction in the capital city.
SBV set the reference price at VND38.65 million (US$1,840) per tael for 26,000 taels. Eight credit institutions and enterprises bought gold bars. The highest price was VND38.63 million ($1,839.50) and the lowest was VND38.57 ($1,836.60).
The auctions aim to balance supply and demand and stabilise the market. Out of 978,000 taels offered, 891,000 have been sold.
SBV to consider imports
According to the SBV's latest report on the gold market, the bank is now checking applications by jewellery manufacturers seeking to import raw gold.
Last April, the Gold Trading Association asked for more enterprises to be allowed to import gold. The association's petition pointed out that while SBV's Decree 24 allowed eligible enterprises to obtain licences for importing raw gold, so far only a few enterprises were allowed to do so.
If enterprises could import raw gold, the gap between the price for gold in Viet Nam and the world price would go down, the association claimed. Additionally, the move would lower the local price for jewellery to improve local consumption and increase competitiveness in the international market.
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