Vietnam domestic gold overpriced

Domestic gold has been priced some VND3.2 million ($153.2) a tael higher than its world’s counterpart.

At the unofficial forex rate of VND21,200-21,300 a dollar, the price should be at VND42.55 million a tael.

But at the official rate of VND20,834 a dollar, the price gap has been widened to some VND4 million a tael.

The closing world gold price on Saturday dropped some $83 an ounce, or VND2 million a tael, while its domestic peer only retreated by VND900,000 a tael.

The gap widening has started soon after the central bank licensed some domestic gold traders to import 4 more tons of gold in an effort to close the price gap.

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Tags: vietnam gold, Vietnam gold market, Vietnam gold prices