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Gold bullon trading should not be banned: Assn
The Vietnam Gold Traders Association has officially submitted to Prime Minister Nguyen Tan Dung a package of measures to stabilize the domestic gold market, including a proposal not to ban gold bullion trading.
It’s necessary to reorganize the market, including gold bullion production and trading, but banning gold bullion trading is not a good idea, Dinh Nho Bang, General Secretary of the association told Tuoi Tre.
The association has also proposed the establishment of a national gold trading floor under the monitoring of the State Bank of Vietnam, the Vietnamese central bank.
It also said the country needs a more flexible gold export-import mechanism to level international and domestic prices of the precious metal.
Accordingly, gold import certificates should only be licensed to those who are qualified in business and financial capability.
Gold should not be imported en mass within a short period because this can cause a dollar crunch for the market.
The price of gold bullion in Vietnam Tuesday dropped to VND36.71 million a tael after international prices slipped from $1,440 to $1,434 an ounce (A tael is equal to 1.2 ounces).
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