Vietnamese Investors Flock to Buy Discounted Gold Amid Central Bank’s Stabilization Efforts

  • Vietnamese investors are queuing up outside state-owned banks in Hanoi and Ho Chi Minh City, aiming to acquire gold bullion at advantageous prices, as per recent local reports.
  • The Central Bank of Vietnam has initiated a program to align domestic gold prices with global rates, providing gold directly to state-owned banks like Saigon Jewelry Company (SJC), Agribank, Vietcombank, BIDV, and Vietinbank.
  • “The move allows banks to offer gold at a 1.2% discount on prevailing market prices,” reports, highlighting a significant effort to stabilize domestic gold prices.

Vietnam’s central bank introduces a gold-selling program to stabilize domestic prices amidst record-high domestic rates and geological pressures.

Vietnam’s Central Bank Intervenes in the Gold Market

The Central Bank of Vietnam has rolled out a strategy aimed at bringing domestic gold prices in sync with international benchmarks. Through this initiative, state-owned financial institutions, such as Saigon Jewelry Company (SJC), Agribank, Vietcombank, BIDV, and Vietinbank, now have access to gold bullion at preferential rates for resale to the public.

Economic Repercussions and Investor Reactions

This measure comes in response to the unprecedented surge in domestic gold prices, which hit a historic $3,620 per tael (37.5 grams) just last month. With the new program, gold bullion is being offered at a considerable discount of 1.2% from the current market values, now priced at $3,107 per tael. The central bank’s aim is not only to control skyrocketing prices but also to examine the root causes of the price disparity.

Factors Leading to Surge in Gold Demand

A weakening Vietnamese dong appears to be a chief contributor to the climbing gold prices. As the dong depreciates, investors seek safer, more stable assets. Gold, seen as a historical store of value, offers relative price stability. This investor behavior emulates the global trend, where geopolitical tensions have driven gold prices to new heights worldwide.

Global Trends in Gold Accumulation

Vietnam isn’t isolated in its growing attraction towards gold. Notably, China has seen significant gold accumulation by both its private sector and central bank. As per recent reports from CoinOtag, the Chinese private sector imported 543 tons of gold in the year’s first quarter. Concurrently, the People’s Bank of China increased its reserves by 189 tons over the same period. This marked, combined effort has propelled gold prices to a record-breaking $2,450 per ounce, despite a subsequent correction to around $2,330.


The Vietnamese central bank’s intervention in the gold market aims to stabilize volatile domestic prices, reflecting broader global economic trends. As the world grapples with geopolitical instability and currency fluctuations, gold remains a steadfast asset for investors seeking to hedge against uncertainties. Moving forward, continued monitoring and strategic actions by financial institutions will be pivotal in maintaining market equilibrium and investor confidence.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

Latest News

Bitcoin Faces Resistance at $70,000 Amid Market Liquidation Pressures

Bitcoin shows promising signs of...

Bitcoin Surge Fuels Ondo (ONDO) Price Rally: Key Support Levels and Bullish Signals for Investors

Bitcoin recently surpassed its all-time high of...

MetaMask Introduces Cost-Effective Pooled Staking for Ethereum Holders

MetaMask, a leading Ethereum wallet, has introduced...

PRO Analysis

FLOKI Price Analysis: Potential Further Decline as Key Support Levels Breached

FLOKI has recently dipped below a crucial...

XRP Price Analysis: Temporary Recovery Amid Volatile Market Conditions

XRP has recently made a notable recovery...

XRP Price Analysis: Key Levels Suggest Potential Reversal Amid Market Decline

XRP's price performance continues to fall short...
Gideon Wolf
Gideon Wolf
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.

Critics Slam zkSync Over Inadequate Anti-Sybil Measures in ZK Token Airdrop

The recent ZK token airdrop by zkSync has faced scrutiny due to alleged insufficient anti-Sybil measures. Concerns...

Bitcoin Faces Resistance at $70,000 Amid Market Liquidation Pressures

Bitcoin shows promising signs of recovery amidst continued liquidation pressures. The $70,000 to $72,000 resistance zone emerges...

Bitcoin Surge Fuels Ondo (ONDO) Price Rally: Key Support Levels and Bullish Signals for Investors

Bitcoin recently surpassed its all-time high of $69,000, positively affecting several altcoins, such as Ondo (ONDO), which experienced a 15% rally. ...