Compared to the closing price of the previous trading day, it decreased by 460,000 VND per tael.
Market watchers say the decline was attributable to the State Bank of Vietnam (SBV)’s measures to implement the Government’s Resolution No. 11/NQ-CP, which helped to stabilise the domestic market.
Recently, the information that the SBV will submit a decree on gold management to the Government under which gold bar trading in the black market will be abolished has strongly influenced the gold market.
From the beginning of the week, gold price of the following trading day dropped by 70,000-120,000 VND per tael compared to the previous day.
Over recent days, people have rushed to buy manipulated gold in stead of bar.
At a press briefing on SBV’s measures in implementing Resolution No. 11, State Bank Governor Nguyen Van Giau said the new policy will not make negative impacts on people’s interest./.
