Banks are now falling into surplus of gold, so they are racing to reduce gold deposit rate. At present, the gold borrowing need of investors decreased. The number of customers borrowing gold to pay for house and land purchase is scarce although the gold deposit rate remains low. The reasons are that the gold price [...]
At Eximbank, up to 14 gold deposit terms from three to 60 months carry an interest rate of 0.5 percent pa. Particularly the terms of 1-2 months, the gold deposit rate will be lower, 0.2 and 0.35 percent/year correspondingly. When withdrawing gold prematurely, customers must finish entire the balance of gold accounts without interest. Lately [...]
After a slight recovery, the world’s gold prices have continued to increase by US$10/ounce, making the domestic price of gold rise correlatively and surpass the VND26.6 million/tael mark on February 27. In the New York market on February 26, gold was up by US$10.4/ounce to US$1,118.9/ounce when investors became less worried about the debt in [...]
Gold companies are complaining that they have not been allowed to import gold, despite applying to sometime ago. Meanwhile, the domestic gold price is higher by 600-700,000 per tael than the world’s price. On February 5, 2010, the State Bank intervened in the gold market by requesting Saigon Jewelry Company (SJC) sell gold to the [...]
Sai Gon Jewellery Holding Co has imported four tonnes of gold and boosted gold sales to stabilise prices in accordance with an order from the State Bank of Viet Nam. The company said it had enough gold reserves to support the market and would not use the latest gold import immediately. The firm said it [...]
Under new rules being considered by the State Bank of Viet Nam, investors on gold trading floors may be required to operate only through accounts provided by commercial banks in order to ensure proper risk management and payment capacities, according to Nguyen Quang Huy, head of the State Bank’s foreign exchange management department. Due to [...]
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