Business

Gold price gap widens as state bank ends auctions

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.
The disparity between domestic and global gold prices increased oncemore, after the State Bank of Vietnam abruptly ended its weekly goldauctions, seeing the popular commodity settling at 3.3 million VND (157USD) higher per tael than world gold prices.

This week, thecentral bank brought its auctions to a standstill after it sold1,517,200 taels, out of the 1,622,000 taels on offer, between March andAugust this year.

The Sai Gon Jewelry Company (SJC) onSeptember 6 reported a drop of 0.26 percent (100,000 VND) againstprevious transactions, with the buy price per tael (1.2 ounces) settlingat 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 1percent on the day to rest at 1,365.05 USD an ounce. The overall gapbetween the two markets surged due to the price drops.

Thebank's sales generated a profit of more than 6 trillion VND (272.72million USD) largely due to the significant differential between theover-heated domestic gold price and the lower global price.-VNA
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