State Bank allows named firms to import more gold

The State Bank of Viet Nam (SBV) on Sept 26 announced that designated businesses would be allowed to import more gold in an effort to stabilise the domestic price.

In a statement, the SBV said the world gold price yesterday dropped to its lowest price in weeks to US$1,532.45 per ounce – from a record high of $1,920 per ounce on September 6 – which led to dramatic fluctuations on the domestic market.

Adding to the instability, the domestic gold price has for weeks been much higher than the world price.

The SBV hopes that by allowing some firms to import more gold than previously permitted, the domestic price will fall.

However, the central bank warned private investors they should be wary of price speculation and manipulation when buying and selling gold.

Yesterday afternoon, after plummeting to VND43 million ($2,067.30) per tael (one tael is equivalent to 1.2 ounces), the domestic gold price quickly soared to VND45 million ($2,163.46) per tael – VND4 million ($192.3) per tael above the global price.

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