State bank continues allowing import of gold

The State Bank of Vietnam (SBV) yesterday granted licences that allowed importing additional gold bars with the total volume higher than that approved in early November in order to ease the difference between the world’s gold price and domestic one.

The leader of one jewellery trader confirmed that they had already received the license from SBV with the allowing period of November 24 to December 31. That would help the gold traders to find the best opportunities for importing gold, he said.

At closing time of November 24 session, the SJC gold price (buy-sell) was posted at 35.85 million dong and 35.95 million dong per ounce, an increase of 280,000 dong per ounce against the previous session.

During yesterday trading session, there was time when the domestic gold price rose about 900,000 dong per ounce higher than the world price, and some speculators pushed up purchasing US dollars on black market to illegally import gold, resulting in an increase of forex rates of 100 dong to 21,310 dong for one US dollar. – TBKTSG

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

Posted by VBN on Nov 25 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