Vietnam’s central bank said it imported gold to make up for a reduction in reserves from sales to local commercial banks. The purchases were equivalent to the amount sold at the auctions, the State Bank of Vietnam said in a statement on its website today, without giving details. The bank sold 367,000 taels in 13 auctions held from March 28 through May 3, it said. A tael is about 1.2 ounces. The... 

The Vietnam Gold Business Association has written to the State Bank of Vietnam (SBV), proposing loans for enterprises to buy gold via auctions. SBV has specified the minimum gold volume to bid for is 1,000 taels, requiring bidders to have abundant working capital. However, gold trading businesses are not as financially strong as banks, says a dispatch sent from the association. “The above requirement... 

Having fallen to below VND40 million per tael in the morning, domestic gold prices bounced back strongly in the afternoon after gains in the global market, producing wildest price fluctuations in the gold market in as many years. Saigon Jewelry Company (SJC) at 2:00 p.m. quoted gold prices at VND40.2 million and VND41.1 million per tael for buying and selling respectively, down VND600,000 against... 

The global gold price fell steeply but the local price only slightly edged down, widening the price gap to over VND5 million per tael on Monday. Gold dropped sharply in the New York market last weekend and the downtrend continued in the Asian market on Monday morning. At 2 p.m. on Monday, gold was quoted on www.kitco.com at US$1,477 per ounce before plunging to US$1,409.9 at 6 p.m in the European market,... 

The State Bank of Vietnam (SBV) today will sell 26,000 gold taels via another auction in an effort to narrow the wide gap between local and global gold prices that it failed to do during the three auctions held last week. The total gold volume that has been processed into one-tael SJC gold bars for gold auctions amounts to about ten tons, a source told the Daily. The central bank this time set the... 

The second gold auction held by the State Bank of Vietnam (SBV) on Thursday attracted 22 bidders, with 25,700 taels of gold out of the total 26,000 taels sold to 20 bid winners. Most of the bidders joining the session on Thursday were banks. They had no reason to complain this time as the floor price was lower than the market price, unlike the previous auction. SBV did not give the ceiling price,... 

Many bidders on Wednesday put down deposits worth 10% of their bids at a price of VND43.6 million per tael for the auction of some 26,000 taels, or nearly one tons of gold, to be conducted by the central bank today. The central bank will set the ceiling and floor prices lower than market prices and bidders will make bids within this range. The minimum volume to bid for is 500 taels and the maximum... 

The State Bank of Vietnam has authorized the Saigon Jewelry Company (SJC) to make bullion gold to provide to the market. Declining to say about the amount of gold to be made, but a representative of the central bank said a big amount would be marketed to help stabilize the prices. In an official statement released on March 20, the State Bank affirmed that SJC has been officially assigned the task of... 

A mild increase of domestic gold price coupled with the downtrend of the world gold market again widened the difference between the two levels to over VND4 million a tael. Gold selling price in the country rose VND200,000 to VND44.05 million a tael on Wednesday, widening the gap between domestic and international gold prices to VND4.2 million a tael compared to VND2.5 million on February 28. A tael... 

The State Bank of Vietnam (SBV) on Monday expressed a strong confidence in narrowing down the gap between local and international gold prices thanks to bold measures of managing agencies. The central bank will implement measures to realize resolutions of the National Assembly and the Government to gradually match domestic gold prices to the world price. Given current laws on gold trading and managing...