Thursday, 25th May 2006 (3280 views)

Domestic gold prices in Vietnam have calmed after local firms imported 10 tonnes of the precious metal amid increasing demand, reports today (May 25th) confirmed.

Typically the country imports around 50-60 tonnes per year, with the 10 tonne import marking a large influx.

Local media VNA reported the details of a state bank update to the National Assembly which indicated the imports had stabilised the rising price domestically.

Now the bank has approached the government to ease the rules on gold imports, potentially bringing prices into line with international trend rather than local fluctuations.

Under the current rules five Vietnamese commercial banks and three gold firms are able to trade the precious metal.

State bank governor Le Duc Thuy also revealed the commercial banks have restricted their lending of gold, which is down since the turn of the year.

Gold prices have fallen in Vietnam in the last two days, reflecting the wider global market.

 

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