The State Bank has said it will continue to sell gold bars from its gold reserves in order to ‘stabilise’ the gold market. Between June 3 to October 29, the central bank sold 305,600 taels of gold or about 11.46 tons of gold into the market from its reserves. At today’s gold price, US$84,880.7 a kilogram, those 11.46 tons would be worth US$972.7 million.

Of note, the State Bank does not regularly report what it has in its gold reserves, however, Ceic Data had Vietnam’s gold reserves worth US$766.9 million in July. Ergo, there cannot be that much gold left if these numbers are correct.

Also, The Investor has reported that the State Bank took a one month hiatus from selling gold into the market. This has been reported by Thi Chuong Tai Chinh as a one month break in announcements of gold sales by the State Bank of Vietnam. It’s not clear if this is a matter of semantics or if there is a distinction to be made between a break in selling gold versus a break in making announcements.

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