The State Bank of Vietnam (SBV) has halted its gold bullion auctions and will introduce a new strategy to stabilise gold prices as early as June 3.

Eleven bidders successfully bought a total of 13,400 taels of SJC-branded gold bullion that the State Bank of Vietnam (SBV) had put up to auction on May 23.

Many jewellery businesses do not issue invoices and customers pay directly in cash.

The State Bank of Vietnam (SBV) on May 17 issued a decision to inspect the compliance with policies and laws in gold trading activities of credit institutions and gold trading enterprises.

The State Bank of Vietnam (SBV) on May 17 announced that it will hold two more gold auctions on May 21 and 23, each will offer 16,800 taels of SJC-branded gold bars.

This is the highest volume of gold that was successfully bid on across the four completed auction sessions.

With domestic gold prices skyrocketing in recent weeks, the central bank resumed gold bar auctions in late April, after a pause of 13 years, in a bid to rebalance the market through increasing supply.

The State Bank of Vietnam (SBV) has announced a morning auction of 16,800 taels of its SJC gold bars in Hanoi on May 16.

Right before the auction, the authority decided to reduce the reference price from VNĐ87 million per tael to VNĐ87.7 million per tael.

The State Bank of Vietnam (SBV) has announced the fifth auction of SJC gold bullions on May 14, with bidding condition changes compared to the latest session.

Permanent Vice Chairman of the National Assembly (NA) Tran Thanh Man on May 13 voiced concern over skyrocketing gold prices, asking the Government to quickly review market management measures to narrow the wide gap between domestic and global prices.

As trading began this morning (May 13), domestic gold prices fell by VND3.3 million per tael for buying and VND2.8 million for selling, causing huge losses for those who had bought the metal at record-high prices.

Contrary to expectations, each auction has seen gold prices surge rather than decline, fueling a buying frenzy among consumers.

The government has requested an immediate inspection of gold bar trading in an attempt to stabilize the domestic gold market that has grabbed the headlines for the past few weeks.

The price of gold bars rose sharply in Vietnam on May 10 morning, hitting a new all-time high of VND91.80 million per tael without signs of stopping in the near future.

The State Bank of Vietnam (SBV) announced the result of its gold auction on May 8, with three winning bidders securing 34 lots.

The General Department of Taxation proposed the State Bank of Vietnam study regulations on making non-cash payments compulsory for gold transactions together with a control mechanism to improve transparency.

The World Gold Council’s demand trends report for the first quarter of this year showed that Việt Nam gold demand was strong in the quarter, supporting record-high prices.

The State Bank of Vietnam (SBV) on May 7 announced a morning auction for a total of 16,800 taels of gold in Hanoi on May 8.

SJC-branded gold prices set a new record high on Monday, reaching VNĐ86 million per tael.