#gold

The State Bank of Vietnam (SBV) is scheduled to hold a gold bullion bidding session on April 17 after 11 years of suspension in an effort to stabilize the domestic gold market that has made national headlines in recent times.

Local gold prices continued to break new records on March 5, passing historical highs seen over recent days to reach VND69.22 million per tael.

With increasingly rapid developments occurring in the gold and stock markets, economic experts believe these represent risky investment channels, with investors needing to carefully consider all of their financial decisions.

The gold market resumed stability shortly after a quick increase on March 16 after the US Federal Reserve (Fed) raised its interest rates, while the US dollar lost in value compared to other major currencies, which experts described as going against common rule.

The Ministry of Industry and Trade has submitted to the Government a draft decree declaring a State trade monopoly in 16 goods and services.

Many people in Hanoi rushed to buy gold on God of Wealth Day, the 10th day of the Lunar New Year.

After Tet holiday, the domestic price of gold experienced sharp increase in line with global trends.