GOLD NEWS

State Bank of Vietnam to sell gold again after 10 years

Mon April 15 2024

The State Bank of Vietnam will resume sales of gold bullion after a 10-year gap.  The central bank said Monday it would announce the sale one day in advance and prospective buyers need to place a deposit to join what would be an auction.

It will set a minimum price and bidders will have 30 minutes to determine the price and volume they want. The winning bids will be announced immediately. Fifteen organizations have been identified as eligible to buy.

The last time the central bank sold gold was in 2013 when 1.8 million taels were offloaded. A tael equals 37.5 grams or 1.2 ounces. Gold bullion traded at VND84 million ($3,323.77) per tael on Tuesday morning, a slight decline from the all-time high of VND85.5 million reached on Monday.

In Vietnam the government has a monopoly on gold production and restricts the import of the metal.

Source: https://e.vnexpress.net/