Surging demand drives up gold price
Gold prices in the domestic market have remained much higher than the
world market as demand, especially from commercial banks, has exceeded
supply.
Gold prices in the domestic market have remained much higher than the
world market as demand, especially from commercial banks, has exceeded
supply.
Industry insiders said that commercial banks are boosting their gold purchase to prepare for the November 25 deadline repayment of gold deposits. According to the State Bank of Vietnam (SBV) regulations, commercial banks will have to halt mobilisation and lending in gold from that date. Meanwhile, gold deposits are estimated at 4.6 percent of the banks' total deposits or 122.5 trillion VND (5.89 billion USD) at the end of June.
As demand exceeded supply, local gold prices continued to rise and reached 47.8 million VND per tael on Oct. 2, roughly 3 million VND higher than the world price.
SJC gold was listed at 47.61 million VND per tael, up 250,000 VND from the previous day's close.
However, Thang Long gold, produced by Bao Tin Minh Chau company, was quoted at 44.6 million VND per tael, almost unchanged from the previous day's close.
Analysts have been calling the SBV to allow gold imports to stabilise the local market.-VNA
Industry insiders said that commercial banks are boosting their gold purchase to prepare for the November 25 deadline repayment of gold deposits. According to the State Bank of Vietnam (SBV) regulations, commercial banks will have to halt mobilisation and lending in gold from that date. Meanwhile, gold deposits are estimated at 4.6 percent of the banks' total deposits or 122.5 trillion VND (5.89 billion USD) at the end of June.
As demand exceeded supply, local gold prices continued to rise and reached 47.8 million VND per tael on Oct. 2, roughly 3 million VND higher than the world price.
SJC gold was listed at 47.61 million VND per tael, up 250,000 VND from the previous day's close.
However, Thang Long gold, produced by Bao Tin Minh Chau company, was quoted at 44.6 million VND per tael, almost unchanged from the previous day's close.
Analysts have been calling the SBV to allow gold imports to stabilise the local market.-VNA
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