State Bank of Vietnam Governor Nguyen Van Giau attributed the record gold price to speculators, the steadily increasing global price and people's expectations.
It was possible speculators were trying to manipulate the price, he told reporters in Hanoi on Nov. 9.
The governor also announced a start to the selling of the US dollar on Nov. 9 afternoon to commercial banks that had requested it and soon after, the currency had fallen to 21,200 VND.
The decision to infuse dollars into the market as announced on Nov. 5 had not started earlier because banks had not sought the currency, he said.
The US dollar was at 21,500 VND at Nov. 9 noon, up 550 VND against Nov. 8 or 850 VND against Nov. 6.
The currency had tumbled to 20,200 VND and the gold price to below 35 million VND per tael when the infusion plan was announced on Nov. 5.
The previous record price for the dollar was 21,050 VND.
The price of gold has dropped from its record high after the State Bank of Vietnam announced on its web site Nov. 9 that it would allow the precious metal to be imported for a third time this year.
The announcement triggered an immediate fall to 36.4-37.42 million VND (1,765 USD) at gold shops from northern to southern Vietnam after the price had earlier hit a record 38.8 million VND per tael (1,825 USD).
The amount of gold the central bank will allow to be imported has not been disclosed.
But it allowed about 10 tonnes in August and October.
Such Hanoi and HCM City gold shops as the Sai Gon Jewellery Co; the Sacombank Jewellery Co; Bao Tin Minh Chau; Agribank Jewellery Co and Phu Nhuaân Jewellery Co had changed their prices at least ten times during the morning and early afternoon.
The previous record price for gold was set on Nov. 8 - 35.85 million VND per tael.
The record high was set after the global gold price hit new record high of 1,410.60 USD an ounce overnight. One tael equals 1.2 troy ounces.
Nov. 9's fluctuations in the gold and dollar markets mimicked those of last November when the price for domestic gold suddenly went from 27 million VND to 29.3 million VND per tael and the dollar from 17,880 VND to 18,500 VND within a morning.
The price fell to 25 million VND per tael after the central bank allowed gold to be imported./.
It was possible speculators were trying to manipulate the price, he told reporters in Hanoi on Nov. 9.
The governor also announced a start to the selling of the US dollar on Nov. 9 afternoon to commercial banks that had requested it and soon after, the currency had fallen to 21,200 VND.
The decision to infuse dollars into the market as announced on Nov. 5 had not started earlier because banks had not sought the currency, he said.
The US dollar was at 21,500 VND at Nov. 9 noon, up 550 VND against Nov. 8 or 850 VND against Nov. 6.
The currency had tumbled to 20,200 VND and the gold price to below 35 million VND per tael when the infusion plan was announced on Nov. 5.
The previous record price for the dollar was 21,050 VND.
The price of gold has dropped from its record high after the State Bank of Vietnam announced on its web site Nov. 9 that it would allow the precious metal to be imported for a third time this year.
The announcement triggered an immediate fall to 36.4-37.42 million VND (1,765 USD) at gold shops from northern to southern Vietnam after the price had earlier hit a record 38.8 million VND per tael (1,825 USD).
The amount of gold the central bank will allow to be imported has not been disclosed.
But it allowed about 10 tonnes in August and October.
Such Hanoi and HCM City gold shops as the Sai Gon Jewellery Co; the Sacombank Jewellery Co; Bao Tin Minh Chau; Agribank Jewellery Co and Phu Nhuaân Jewellery Co had changed their prices at least ten times during the morning and early afternoon.
The previous record price for gold was set on Nov. 8 - 35.85 million VND per tael.
The record high was set after the global gold price hit new record high of 1,410.60 USD an ounce overnight. One tael equals 1.2 troy ounces.
Nov. 9's fluctuations in the gold and dollar markets mimicked those of last November when the price for domestic gold suddenly went from 27 million VND to 29.3 million VND per tael and the dollar from 17,880 VND to 18,500 VND within a morning.
The price fell to 25 million VND per tael after the central bank allowed gold to be imported./.
