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Vietnam holds first gold auction in 11 years to stabilise market

Central bank resumed auction of gold bars on Tuesday to stabilise prices, which have hit record high

Jamille Tran

Published Tue, Apr 23, 2024 · 08:02 PM
    • Back in 2013, the country’s central bank conducted a series of 76 auctions in which more than 1.8 million taels were sold.
    • Back in 2013, the country’s central bank conducted a series of 76 auctions in which more than 1.8 million taels were sold. PHOTO: BLOOMBERG

    [HO CHI MINH CITY] State Bank of Vietnam (SBV) on Tuesday (Apr 23) held its first gold bar auction after an 11-year suspension in an effort to stabilise the market amid record-high prices.

    SBV sold 3,400 taels of SJC-branded gold bars at the auction for between 81.32 million dong (S$4,355) and 81.33 million dong per tael. It is only one-fifth of a total of 16,800 taels offered at a reserve price of 81.3 million dong per tael.

    The imbalance between supply and demand has driven domestic prices of the commodity in the South-east Asian country well above global prices, with gaps widening to as much as 18 million dong for each tael at some points this year.

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