Vietnam permits gold import till Feb 28

Vietnam’s central bank on January 1 allowed local firms and banks to import gold till the end of February, 2011 in an attempt to bring prices in line with those in the global gold market, the local newswire Tuoi Tre reported.

Vietnam gold prices plunged to VND35.45million/tael at 5 p.a. on January 7, the local media reported, yet adding that local gold prices is still VND700,000 higher than global ones (converted) as many firms imported gold at $1,365/ounce.

However, prices quickly heated up and surged to VND35.77million/tael on January 10 morning.

Local firms said they will start selling processed gold that were imported on January 7 to the public on January 12, expecting to narrow the gap between local gold prices and global ones. – Stoxplus.com

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

Posted by VBN on Jan 10 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