Central bank licenses new gold imports

The State Bank of Vietnam yesterday licensed 10 banks and gold trading companies to import a total of four tonnes of gold.

Saigon Jewelry Co, the country’s largest gold trading company, and Phu Nhuan Jewelry Co were allowed to import 700 kilograms and 500 kilograms of the metal.

The gold is expected to arrive in Vietnam on September 21.

Domestic gold prices fell by VND200,000 ($10) a tael (37.5 grams, 1.21 troy ounces) following the central bank’s licensing to VND47.05 million.

SJC said Monday sales that day were around 7,000 taels and purchases, only 2,000 taels. PNJ reported sales of 2,500 taels and purchases of 800 taels.

At 6.30 pm Vietnam time Monday, global prices retreated to $1,820 an ounce, or lower than Vietnamese prices by VND1.22 million a tael.

On August 23 the central bank had authorized at least one firm to import gold to bring down the soaring prices, after having allowed an import of five tons in early August.