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Companies receive gold quotas
Gold prices fell to VND36.55 million (US$1,724) per tael after traders and commercial banks received their import quotas for precious metals this morning.
Eligible gold importers include Asia Commercial Bank, Sacombank, Eximbank, Viet A Bank, Sai Gon Jewellery Company and Phu Nhuan Jewellery Company, however, these enterprises were unable to disclose details about their quotas.
This is the third time the State Bank of Viet Nam has allowed gold to be imported into the country this year. In August and October, 10 tonnes of gold were imported, which did little to quell the market's demand for gold.
By 10AM this morning, Sai Gon Jewellery Company, the Sacombank Jewellery Company, Bao Tin Minh Chau, Agribank Jewellery Company and Phu Nhuân Jewellery Company were selling gold at VND36.60-36.69 million per tael.
The central bank's decision to allow gold to be imported into the country lowered gold prices from VND38.8 million ($1,830) to VND36.42 million ($1,716) per tael at shops in Ha Noi and HCM City.
The US dollar depreciated in value from VND21,300 late yesterday to about VND21,000-21,150 today. - VNS
To be updated.
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