gold

On the one hand, the State Bank wants to bring down the price of gold which is much higher than the world gold price because there is more demand than there is supply. On the other hand, the State Bank doesn’t want US dollars leaving the country because this creates inflationary pressure on the dong. If it sounds like these policies are contradictory then that is because they are…

This latest development is a vast improvement with a series of past gold auctions selling only a few thousand gold bars or being cancelled altogether due to lack of interest. The change of circumstances is likely due to changes to this gold auction that saw the minimum order significantly reduced.

The State Bank of Vietnam is still trying to auction off gold to bring down the gold price, despite several failed auctions amid an overheated gold market. This latest gold auction has 16,800 taels of gold up for grabs in lots of 500 taels down from 700 in past auctions,

Vietnam’s gold price topped VND 91.5 million a tael or 2,958.50 per troy ounce yesterday, a new peak for the yellow metal. At the same time, gold was trading on the world market for US$2,353 per troy ounce, a difference of US$605.50 or about 20.47 percent.  To try to close

Vietnam has held its second successful gold auction this year, however, the State Bank of Vietnam–theSBV–only managed to sell 3,400 SJC gold bars, Tuoi Tre is reporting.  Of note, multiple gold auctions have been announced in the last few weeks but have been cancelled due to a lack of interest. 

A gold auction of State Bank of Vietnam–SBV–gold reserves slated for Monday was cancelled and a gold auction that went ahead Tuesday had just two bidders, as a result of floor prices that were too high, VN Express is reporting. It also says that the minimum volume, of 1,400 taels

In an odd turn of events, a gold auction slated for yesterday was cancelled due to a lack of interest and a second, today, had just two bidders that bought a collective 3,400 taels of gold of the 16,400 on offer, VN Express is reporting. This is after gold auctions

In its first gold auction since 2013 the State Bank of Vietnam is set to make available about 630 kilograms of gold for banks and financial firms to bid on, VN Express is reporting. The online publication is also saying that the SBV intends to import more gold to fill

There is this emerging argument that the pressure on the exchange rate is partly caused by gold smuggling, for example, this article from Doanh Nhan Vietnam. The theory is that people are buying up US dollars to buy gold overseas and then smuggling it in. That may be the case,

It was reported earlier this week that the State Bank of Vietnam–the SBV–intends to reinstate gold auctions, however, local media did not report where the gold was set to come from. Today VN Express reported that the SBV has asked the Ministry of Finance to smooth-out the process for importing

A number of gold stores in Ho Chi Minh City have announced long holiday closures just after it was announced that the HCMC General Department of Market Management would be auditing the operations of gold stores in the city, Tuoi Tre is reporting. The publication says the city intends to

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

The Deputy Governor of the State Bank of Vietnam, Pham Thanh Ha, has said that the central bank will increase the gold bar supply, VN Express is reporting. This is after instructions from the Prime Minister to bring the local price of gold, currently about 15 percent higher than the

Recent record high gold prices in Vietnam have in part been caused by ‘impatient’ buyers, Tuoi Tre is reporting. A number of buyers were waiting for the gold price to go down but as it reached record highs they gave up waiting and bought into the market anyway pushing the

Gold stores have been applying limits to how much gold a single customer can buy on the back of higher processes and lower supplies–some have even run out of gold entirely, according to VN Express. The arrest of a local gold smuggler made national news last week which was likely

Gold rings were selling in Vietnam for more than VND 73 million per tael on Friday which was a record high, according to VN Express. Of note, this would make the price per troy ounce US$2,196.07. The world gold prices as of Saturday morning was US$2,329.93 per troy ounce–this would

The General Director of WiGroup, Tran Ngoc Bau, in an opinion piece in Doanh Nhan Vietnam, has said that exchange rate fluctuations at the start of the year are broadly the result of speculation. He says that: Tran goes on to argue that intervention in the exchange rate is not

Doanh Nhan Vietnam is carrying comments from Huynh Trung Khanh, Vice President of the Vietnam Gold Trade Association. Specifically, Huynh uses the platform to: Of note, gold prices in Vietnam are generally around 20 percent higher than they are in the rest of the world. This is the result of

Gold demand in Vietnam fell by 6 percent year on year according to a World Gold Council report, the Vietnam Investment Review is reporting. Consumer gold demand went from 59.1 tonnes in 2022 to 55.5 tonnes in 2023. Note that Vietnam’s gold prices are generally much higher than in the