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.

Gold prices reached a historic peak last week after consecutive auction sessions held by the State Bank of Vietnam (SBV) were met with lukewarm enthusiasm.

Authorities have ramped up efforts to combat illegal operations in the volatile gold market, slapping nearly VND3 billion in fines on 145 violation cases this year to date.

The State Bank of Vietnam (SBV) has announced the cancellation of its gold auction for 16,800 taels of SJC gold this morning, May 3, as just one bidder registered to join the auction.

After two failures, the State Bank of Vietnam (SBV), experts say, has to lower bidding prices further to VND75 million per tael or give up the gold market, because it is very difficult to stabilize the gold market now.

The State Bank of Vietnam will auction an additional 16,800 taels of SJC-branded gold bars to businesses at 9am on May 3, it said in a statement released on May 2.

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.