Biggest gold outfit imports 4 tons to keep prices in check

Saigon Jewelry Holding Company (SJC), Vietnam’s largest gold trader, is in the process of importing nearly four tons of gold to stabilize the local market, an official from the firm told Thanh Nien on Tuesday.

The gold had arrived at the customs warehouse and would be cut soon after official procedures were completed, according to the SJC deputy general director, who wished to stay unnamed.

Gold listed at around VND25.5 million (US$1,380) per tael at local shops over the weekend, some VND1.1 million higher than world prices, he said, suggesting that people were not buying gold at the moment.

While the four tons of precious metal would stabilize the domestic gold market, SJC aims to list at prices closer to global rates within the next few days, he said, adding that the move would push local prices down.

Last November, the State Bank of Vietnam resumed gold imports for the first time since June, 2008, aiming to stabilize the domestic market after gold prices hit a record high of VND29 million per tael.

VietNamNet/TN

Tags: Vietnam gold imports, Vietnam gold market

Posted by VBN on Feb 10 2010. 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