Banks purchase gold higher than market prices

Since the SBV’s regulation to stop gold mobilization and lending expired on May 1, many commercial banks have increased gold purchase from residents at higher prices with a condition that customers have to commit to deposit dong savings after selling gold to banks.

Typically, Vietnam Export and Import Commercial JS Bank or Eximbank on Wednesday announced to raise gold purchase price to a level higher 100,000 dong per tael than the market level at the listing time.

Accordingly, individual customers who are saving gold at Eximbank and demanding to sell gold to the keeper to deposit the Vietnamese dong in terms of 1, 2 and 3 months will enjoy a higher gold purchase price.

Previously, the bank had launched a promotion program for gold depositors who can sell gold at higher 0.15 percent compared to the market’s price. Dong savings of customers may participate in promotional programs according to Eximbank’s current regulations.

Also, VietaBank is buying gold at higher 0.4 percent (around 150,000 dong per tael) than its listed prices, applied on gold depositors at the bank, and higher 0.35 percent as for new customers who want to sell. – Vietbiz24

Posted by VBN on May 19 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry