Gold prices remains stable after auction

After the gold auction yesterday, held by the State Bank of Vietnam, gold prices nationwide maintained the same prices as those at the beginning of the day.


Yesterday morning, people in Hanoi still had to wait in line to buy gold, the purchase quantity per day was limited. That led to gold buying and selling between individuals outside official gold stores, which poses a high risk of buying fake gold.

On Tran Nhan Tong Street in Hai Ba Trung District, people had to wait for one to two hours before their gold transaction can take place. At 9:00 a.m., many stores announced a limit of 2 taels of gold ring and 1 tael of gold bar per person. Half an hour later, gold bars were out of stock, and in the afternoon, several stores stopped selling gold.

In HCMC, the situation was a bit more bustling at the main store of SJC and Mi Hong Gold Store, yet the transaction quantities were still limited.

After yesterday’s gold auction, organized by the State Bank of Vietnam, gold prices all around the country stayed at the same levels as those in the morning.

At 3:00 p.m., the price of SJC gold bar was VND86-89 million per tael (US$3,378 – 3,496) for buying and selling respectively.

Ring gold saw a mild drop of VND500,000 ($19.6). In Hanoi, the ring gold price announced by Bao Tin Minh Chau was at VND74.88 – 76.38 million per tael ($2,941 – 3,000) for buying and selling correspondingly.

Meanwhile, the global gold price was at $2,344 USD/ounce. This means a gap of VND16.3 million per tael ($640) between the domestic and international gold bar price.

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