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Beware of speculators, central bank tells gold buyers
The State Bank of Vietnam, in a statement posted on its website Wednesday, warned people against buying gold frivolously because speculators may be trying to push up prices in the domestic market.
Gold in Vietnam gained to VND17.4 million ($1,047) per tael (37.5 grams) Wednesday, from VND16.8 million on Tuesday, the statement said.
The metal had cost 17.8 million dong Monday.
With the world gold price at about $820 an ounce Wednesday, equal to VND16.44 million per tael, locals have to pay around VND1 million more for each tael.
The statement quoted Phi Dang Minh, deputy director of the State Bank of Vietnam’s Foreign Currency Management Department, as saying the difference in the domestic price was caused by “psychological and speculative factors.” Speculators may tell people gold may increase more to make profit by pushing up prices, Minh said.
A Bloomberg report said gold for immediate delivery Wednesday fell to $802.34, the lowest since December, and has lost almost 19 percent from its March 17 record of $1,032.70 an ounce.
The metal rebounded $2.21, or 0.3 percent, to $814.53 an ounce as of 12:34 p.m. London time.
The world gold price is “unpredictable” and may fall further because of the slow market, the stronger dollar and a decline.
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