In 31 gold auctions, the State Bank of Vietnam (SBV) has pumped 787,300 taels of gold, or 30.2 tons of gold, into the market.
On June 14, SBV sold 25,700 taels of gold out of a total 26,000 taels offered to 11 bidders with highest bid at VND40.44 million a tael, and lowest at VND40.37 million.
With the Central Bank continuously injecting gold into the market, the final settlement of credit institutions has been met. However, the amount of gold for this purpose has lessened and is expected to be added fully before June 30.
Forecasts said that gold demand in the market will drastically drop after the end of this month, reducing gap between domestic and global gold price. The current gap was at about VND5.4 million a tael.
The price of SJC-brand gold sank to the lowest level in the past two months yesterday. Particularly, at 9.30 am, in Ho Chi Minh City, Saigon Jewelry Company bought gold at VND40.22 million a tael and sold at VND40.52 million.
At the same time, in Hanoi City, DOJI fixed SJC-brand gold at VND40.3 million for buying, and VND40.5 million for selling.
By 4.30 pm, the buying rate of SJC-brand gold rose to VND40.25 million but selling rate slid to VND40.46 million, the lowest since April 16.