THE SOCIALIST REPUBLIC OF VIET NAM
Government News
SBV adopts solutions to stabilize gold price
VGP – The State Bank of Việt Nam (SBV) on Friday announced that it will order the Sài Gòn Jewelry Holding Company (SJC) to sell out SJC ingot gold to pull the gold price at home close to the world’s floor.
On December 30, 2009, the
PM issued Document 69/TB-VPCP on State management over gold trading activities.
Under the document, gold trading centers are now promptly finalizing procedures
for their closing.
Illustration photo
According to SBV, though
there have been no sudden changes in the demand-supply balance of gold at home,
the price in the domestic market remains much higher than the world’s price.
SBV supposed that the SJC’s
sale of ingot gold will bring the domestic price down to the world’s floor.
By 3 PM of Friday, SJC ingot
gold was priced at VND 25.17-25.27 million per ingot, about VND 1.16-1.2 million
cheaper than yesterday.
On the world market, the
gold price continued to drop this afternoon, falling by US $14.5 per ounce at 3
PM compared to the opening time.