The disparity between domestic and global gold prices increased once more, after the State Bank of Vietnam abruptly ended its weekly gold auctions, seeing the popular commodity settling at 3.3 million VND (157 USD) higher per tael than world gold prices.
This week, the central bank brought its auctions to a standstill after it sold 1,517,200 taels, out of the 1,622,000 taels on offer, between March and August this year.
The Sai Gon Jewelry Company (SJC) on September 6 reported a drop of 0.26 percent (100,000 VND) against previous transactions, with the buy price per tael (1.2 ounces) settling at 38.2 million VND, and the sell price at 38.3 million VND.
Matching the trend, the global spot price for gold dropped a full 1 percent on the day to rest at 1,365.05 USD an ounce. The overall gap between the two markets surged due to the price drops.
The bank's sales generated a profit of more than 6 trillion VND (272.72 million USD) largely due to the significant differential between the over-heated domestic gold price and the lower global price.-VNA
This week, the central bank brought its auctions to a standstill after it sold 1,517,200 taels, out of the 1,622,000 taels on offer, between March and August this year.
The Sai Gon Jewelry Company (SJC) on September 6 reported a drop of 0.26 percent (100,000 VND) against previous transactions, with the buy price per tael (1.2 ounces) settling at 38.2 million VND, and the sell price at 38.3 million VND.
Matching the trend, the global spot price for gold dropped a full 1 percent on the day to rest at 1,365.05 USD an ounce. The overall gap between the two markets surged due to the price drops.
The bank's sales generated a profit of more than 6 trillion VND (272.72 million USD) largely due to the significant differential between the over-heated domestic gold price and the lower global price.-VNA
