VietNamNet Bridge – The State Bank of Viet Nam (SBV) said it made a profit of more than VND6 trillion (US$272.72 million) from 57 gold auctions.

The State Bank of Viet Nam (SBV) said it made a profit of more than VND6 trillion (US$272.72 million) from 57 gold auctions.— Photo saigontiepthi

According to the SBV data, a total of 1,517,200 taels were sold out of the 1,622,000 on offer since March 28.

The profits will go towards the State budget to reinvest in the economy and to fund social welfare projects.

The central bank was able to profit from the auction because the domestic gold price is significantly higher than the global price.

It is also the sole producer and importer of gold in Viet Nam, and enjoys other favourable policies such as tax exemption on gold imports.

Yesterday, gold in the domestic market soared to VND38.6 million per tael in the early morning and then inched down to VND38.5 million following global movements.

SJC gold was trading at VND38.27 million per tael for bid and VND38.47 million per tael for ask.

Techcombank gold prices were listed at VND38.30 - VND38.48 million per tael for bid and ask, respectively.

The domestic gold premium on Wednesday, Sept 4, stood at VND3 million per tael on the world price based on Vietcombank's forex rate of $1=VND21,180, up from VND2.93 million per tael on the previous day.

Source: VNS