Vietnam Central Bank Sells a Fifth of Gold Offered at First Auction in a Decade

GOLD - HANOI. Vietnam's central bank said on Tuesday it had sold 3,400 taels of gold out of 16,800 taels offered at its first such auction in more than a decade.

The State Bank of Vietnam has resumed auctions of gold bars as part of efforts to increase supply amid a surge in prices.

It sold the gold to two bidders for between 81.32 million dong ($3,195) and 81,33 million dong per tael, it said in a statement.

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The auction was initially scheduled for Monday but was cancelled at the last minute due to a lack of buyer interest.

"Interest remains weak today after global gold price closed down sharply on Monday, with investors forecasting further declines on an easing Middle East conflict," a Hanoi-based trader said.

Gold prices in Vietnam on Tuesday fell 1.1% from Monday, but remain 8.3% to 9.3% higher than at the end of last year.