The State Bank of Vietnam (SBV) held its 51st gold auction on August 8, auctioning off 26,000 taels or approximately one tonne of gold.

Since March 28, the SBV has sold about 1.37 million taels, nearly 53 tonnes, however, the demand for gold seems to be endless.

At the August 8 auction, only 300 taels remained unsold as 15 different credit institutions secured the gold for between 37.28 and 37.33 million VND (1,775-1,777 USD) per tael.

The same day, the price of gold on the local market increased by 200,000 VND (9.5 USD) per tael compared with August 7’s price. At 4pm, the Saigon Jewellery Company (SJC) posted its gold prices at between 37.35-37.65 (1.778-1.793 USD) on its website.-VNA