Gold buyers have rushed to Vietnam gold retailers to buy gold at just VND 79.98 million per tael, down from a peak of VND 92.5 million back in May. This has been made possible through a State Bank of Vietnam initiative through which it sells gold from its reserves into the market through four majority state-owned banks at reduced prices.

Previously, the State Bank had tried to auction off its gold to several gold companies and financial institutions but the price was set relatively high and interest from these institutions was lacklustre at best.

Of note, a number of gold shops ran out of gold bars yesterday, some reportedly in just one hour. With little utility in general, and even less for consumers, it looks very much like these gold purchases are for investment purposes.

Furthermore, no plans as yet have been announced to import more gold and with local production and the State Bank’s reserves limited, this looks to only be a temporary reduction in the gold price. In this context, it will likely recover when the State Bank stops selling from its reserves.

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