Le Minh Hung, Deputy Governor at the Central Bank, said if market demand for gold increases, they will hold more gold auctions to ensure steady flow.
According to Decree No.24, the Central Bank has monopoly in import and production of gold bars and is responsible for gold supply in the market.
The Central Bank is also responsible for stabilizing the gold market and balancing supply and demand. Thus, if the market has demand for more gold, the Central Bank can hold more gold auctions to avert market uncertainty.
Mr. Hung added that Vietnam has to import gold to meet domestic demand.
At the 54th gold auction, 25,500 taels of gold out of 26,000 taels put up for auction were sold to 12 credit institutions with the highest bid at VND 38 million per tael, and lowest bid at VND 37.98 million per tael.
After 54 gold auctions, the Central Bank has also pumped 1,451,900 taels of gold, or nearly 56 tons of gold, into the market.