The domestic gold price was down by about VND 500,000 or about US$20 a tael yesterday, according to Nguoi Lao Dong. It was still, however, difficult to access with reports that people were queuing for hours in Hanoi to buy gold rings and that gold stores were often running out of stock.
These stories are not particularly new with challenges in the gold market ongoing since the beginning of the year. That said, it is worth keeping an eye on in that currently the gold supply is being fed by the State Bank from its reserves. These are, however, limited and will either need to be replenished or will run out, either way there will likely be significant ramifications for Vietnam’s economy.
See also: The Gold Price in Vietnam: Explained