The State Bank of Vietnam (SBV) on Monday expressed a strong confidence in narrowing down the gap between local and international gold prices thanks to bold measures of managing agencies. The central bank will implement measures to realize resolutions of the National Assembly and the Government to gradually match domestic gold prices to the world price. Given current laws on gold trading and managing... 

The State Bank of Vietnam (SBV) on Thursday rejected the possibility of importing gold, saying that the gold amount in the nation’s foreign reserves is enough for the agency to intervene in the domestic market. Speaking to the Daily on Thursday, a leader of the central bank said that SBV will arrange a pilot gold auction today but just among units of the agency. SBV will pilot the auction with registered... 

The State Bank of Vietnam (SBV) sometimes said it would make local gold prices closer to the world’s prices, sometimes said it would not, and lately has announced it will join the gold market to bridge the price gap. Such inconsistency has put local consumers on tenterhooks, according to experts. SBV governor Nguyen Van Binh at a meeting of the National Assembly (NA) in late 2011 said the central... 

The State Bank of Vietnam (SBV) in a draft decision on gold bar trading suggests a possibility of intervening in the gold market by transacting with gold trading organizations. The agency would decide to trade gold in either direct transaction or through auctions. The SBV governor would decide on buying and selling prices of gold bars on the domestic market. The central bank may also open overseas... 

When global gold increased slightly last Friday, the local price rallied much faster, thus widening the difference between world and domestic prices to VND3.3 million per tael from some VND2.6 million recorded early last week. Gold at Saigon Jewelry Holding Company (SJC) last Friday marked up by around VND500,000 per tael to VND45.5 million for buying and VND45.8 million for selling. Meanwhile,... 

Once the State Bank tightens the management over the gold market by setting higher requirements on gold trading entities, a lot of private gold companies would leave the official market, but they would set up a new black market somewhere. With the strict requirements on gold trading companies (they must have the minimum chartered capital of over VND100 billion, have at least 2-year experience in gold... 

The head office of Saigon Jewelry Company (SJC) in HCMC was full of gold sellers and buyers on Monday morning, pushing the total transaction volume before 10 a.m. to around 1,000 gold taels. The figure was equal to the whole volume of last weekend, said SJC deputy sales manager Nguyen Cong Tuong. High selling pressure sent gold prices down early in the morning but from 10 a.m., prices of the precious... 

The strong selling burst from citizens after Decree 24 on gold trading management came into force last week has narrowed the gap between global and local gold prices. Saigon Jewelry Holding Co. (SJC) on Sunday quoted gold prices at VND44.8 million per tael for buying and VND45.3 million per tael for selling, down VND500,000 against last Friday, the lowest levels since September 5 last year. A tael... 

The State Bank of Vietnam has received seven more applications for trading of gold bars, taking to 38 the total number of units seeking approval for bullion business. Nguyen Hoang Minh, deputy director of the central banks’ HCMC branch, said that the new applicants are four banks and three enterprises. The agency is checking business networks and profits of these units before giving them approval. As... 

Domestic gold prices rallied strongly on the first transaction day of 2013 on Wednesday, far outpacing the global price uptrend. Saigon Jewelry Company (SJC) at 2:00 p.m. posted up gold prices at VND46.36 million and VND46.76 million a tael for buying and selling, up nearly VND1.8 million and VND500,000 against last Saturday respectively. A tael equals 1.2 troy ounces. SJC deputy sales manager Nguyen...