SBV sells more 26,000 taels of gold

The State Bank of Vietnam continued to sell more 26,000 taels of gold that were put up for auction in the 49th gold auction on August 1, sending the total amount of gold injected into the market to 1,323,400 taels of gold, or nearly 51 tons.

After the deadline for credit institutions to finalize gold mobilization by July 30, the demand for the precious metal did not decline. In the past month, the Central Bank had pumped 14 tons of gold into the market. Most of the gold put up in recent auctions was sold out.

Although global gold price slightly slid, domestic gold price plummeted below VND38 million per tael on August 1. In particular, SJC-brand gold closed at VND37.4 million for buying, and VND37.8 million for selling.

On the same day, commercial banks also continued to lower their US dollar exchange rates by VND10-40 per dollar. Eximbank bought dollars at VND21,110 per dollar and sold at VND21,190 per dollar. Vietcombank fixed the rate at VND21,110 for buying and VND21,170 for selling. ACB purchased dollars at VND21,080 per dollar, and sold at VND21,170 per dollar.

By Ham Yen, Nhung Nguyen – Translated by Thuy Doan

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