The price of domestic gold bars on April 26 continued its upward trajectory, climbing to a historic peak of VND85 million per tael to surpass all previous records.

Experts say that, like in 2013, the gold auctions are just being done to explore the situation and that the winning volumes are small. However, the fact that 80 percent of gold went unsold on April 23 is worth thinking about.

The State Bank of Vietnam (SBV) has announced a postponement of Thursday's gold auction session, as there was only one bidder who submitted a tender.

Another bidding session for 16,800 taels of gold bullion will be held on April 25, the State Bank of Vietnam said in a statement.

The State Bank of Vietnam (SBV) released the outcome of the gold bullion auction on April 23, with two winning bidders securing 34 lots, equivalent to 3,400 taels of SJC-branded gold bars.

The State Bank of Vietnam announced on April 22 that it has cancelled the auction of SJC-branded gold bars, which had been set for 10am the same day.

The State Bank of Vietnam (SBV) is scheduled to hold a gold bullion bidding session on April 23 in an effort to increase the supply of gold bullion and stabilize the domestic gold market that has made national headlines in recent times.

The State Bank of Vietnam (SBV) will auction SJC-branded gold bars on April 22, a representative of the central bank said on April 19.

Despite the SBV’s decision to resume gold auction after 11 years, domestic gold prices are still rather high, meaning this solution is merely situational.

Some analysts have suggested removing the gold monopoly in order to stabilize domestic gold prices, but the removal will not be enough to reach that end.

The National Assembly (NA) Standing Committee has asked the Government and the Prime Minister to investigate gold trading firms to promptly address any violations in business activities and possible market manipulation, amid soaring domestic prices.

The State Bank of Vietnam (SBV) will resume gold bar bidding after 11 years, aiming to increase the supply of gold to the market, promptly and immediately settle the high difference in domestic and international gold prices.

Although the gold price climbed to its peak in many consecutive sessions and set new records, the gold price continuously plummeted in the last two sessions of the week.

Gold prices in the domestic market maintained an upward trend on April 12, with gold bars reaching a new high of VND85 million per tael, and gold rings setting new record of VND78.20 million per tael.

On the day gold prices peaked, many gold shops in Hanoi only sold a maximum of five taels, leading to people buying and selling hand to hand outside the store.

The State Bank of Vietnam (SBV) has taken an unexpected move amid higher gold prices, increased dong/dollar exchange rate, and an active crypto market.

VN Gold Traders Association has proposed three companies be allowed to carry out gold import of around 1.5 tonnes per year as a bold effort to gradually remove the monopolies in the domestic gold market.

It is time for Vietnam to abolish the state monopoly on gold bar production and to grant production licenses to qualified enterprises.

The Vietnamese stock market is attracting billions of dollars, though the gold market is  hot with SJC gold prices soaring, while the dong/dollar exchange rate has hit new peaks and the central bank has withdrawn cash from circulation.

The Government has directed the State Bank of Vietnam (SBV) to urgently inspect and supervise to stabilise the gold market.