The State Bank of Vietnam organises the second auction of bullion gold on April 4.
The
same amount of 26,000 taels of gold will be up for bids with the
reference price of 43.61 million VND per tael, around 100,000 VND lower
than prices on the market. (One tael equals 1.2 ounces).
Since
March 28, when the first auction was held, domestic gold prices have
been higher than world prices by 3 million VND per tael.
With
news of the second auction on April 3, despite declining world prices,
the Vietnamese market still saw an increase, which made the gap widen to
3.3-4 million VND.
With these moves, the central bank is aiming at stablising the gold market.-VNA