State Bank allows named firms to import more gold

The State Bank of Vietnam (SBV) yesterday announced that designated businesses would be allowed to import more gold in an effort to stabilise the domestic price.
In a statement, the SBV said the world gold price yesterday dropped to its lowest price in weeks to $1,532.45 per ounce – from a record high of $1,920 per ounce on September 6 – which led to dramatic fluctuations on the domestic market.

Adding to the instability, the domestic gold price has for weeks been much higher than the world price.

The SBV hopes that by allowing some firms to import more gold than previously allowed, the domestic price will fall.

However, the central bank warned private investors they should be wary of price speculation and manipulation when buying and selling gold.

Yesterday afternoon, after plummeting to 43 million dong ($2,067.30) per tael (one tael is equivalent to 1.2 ounces), the domestic gold price quickly soared to 45 million dong ($2,163.46) per tael – 4 million dong ($192.3) per tael above the global price.

Vietnam News

Tags: vietnam gold, Vietnam gold imports, Vietnam gold market

Posted by VBN on Sep 28 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