The State Bank of Vietnam (SBV) has announced a morning auction of 16,800 taels of its SJC gold bars in Hanoi on May 16.

Experts gave forecasts on impacts of the global economy on Vietnam and exchanged views on how to manage the macro economy and the domestic gold market at a meeting of the National Financial and Monetary Policy Advisory Council on March 28.

The central bank has warned people to take caution when trading gold amid the strong fluctuations of the precious metal.

Prime Minister Pham Minh Chinh has signed to issue an official dispatch asking for measures to strengthen the management of the domestic gold market.

The State Bank of Vietnam (SBV) has publicised a draft circular that would adjust existing regulations managing gold trading, Thoi bao Kinh te Viet Nam (Vietnam Economic Times) newspaper reported.

The domestic gold market is heating up with gold shops introducing various products to take advantage of huge demand on the God of Wealth Day - the 10th day of the Lunar New Year, which falls on February 14 this year.

Transactions in the domestic gold bar market dropped sharply as many gold holders selling their precious metal for VND to reinvest in business, production and consumption.