The State Bank of Vietnam intends to undertake a series of gold auctions in an attempt to bring down the price of gold, Tuoi Tre is reporting. The gold price in Vietnam is currently trading at a 13 percent premium to the world gold price.
This will be the first time the State Bank has released more gold onto the market in over a decade. The last time it underwent a series of gold auctions was in 2013 during which it auctioned off almost 70 tons of gold. Of those tons, 30 were bought up by credit institutions to settle gold positions, with just 40 left to be sold into Vietnam’s gold market.