Domestic gold prices continued to fall in the opening transactions of the week, in line with declining world gold prices.

Buying and selling prices of SJC gold bars late September 23 were 37.42 million VND - 37.62 million VND per tael (1,770 USD -1,779 USD), losing approximately 0.18 percent against the weekend or 1.78 percent against the level of 38.1 million VND (1,802 USD) on September 19.

Spot world gold fell nearly 1 percent earlier in the session but the price bounded back to 1,325.71 USD per ounce (or 1,590.05 USD per tael), slightly up 0.05 percent against September 20's session.

One tael is equivalent to 1.2 ounces.

One US dollar remained unchanged on September 23 at 21,140 VND.

In order to sustain supply and demand and keep local gold prices in harmony with the world price, the State Bank of Vietnam reopened gold auctions last week. From March 28 to August, the central bank sold 1.567 million taels or 60.6 tonnes of gold.

However, the disparity between the domestic and local rate remains high, around 3 million VND (141 USD) per tael.

In a September 23 report, the National Assembly Economics Committee warned that if the disparity persists, gold jewellery smuggling might increase, as gold is seen as safe in the current context of economic difficulties.-VNA