Vietnam allows gold imports to cool local market

The State Bank of Vietnam or the country’s central bank has licensed several companies to import gold with quotas of 200-300 kilogram each, SBV official said on its website on Thursday.

The licences were issued on Thursday afternoon and are valid through October 12.

The firms that have been licensed to import gold are included Saigon Jewellery JSC (SJC), Phu Nhuan Jewellery JSC (PNJ), Agribank Jewellery Co, Sacombank and some others.

“But due to strong local gold market fluctuations, the State Bank need to allow gold imports to relieve the market psychologically, to avoid undue volatility,” said SBV Governor Nguyen Van Giau.

Yesterday October 7, after hovering around $1,315 per ounce, the world’s gold prices have suddenly risen to a new record high of $1,344.4 per ounce, pushing domestic gold prices up to a new peak of 33 million dong/tael.

Over the past 10 days, domestic gold prices have increased by 4 percent and the global gold prices by 2 percent. – SBV

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