HANOI (Commodity Online) : Southeast Asia’s emerging economy, Vietnam’s total gold holdings could be as high as 600 tons, according to country’s central bank.
Statistics by State Bank of Vietnam showed that the public holds between 300 and 500 tons of the precious metal while banks have about 100 tons of gold deposits, reported Than Nien Daily
In an attempt to stabilize the gold market, the central bank has allowed local traders to import a total of five tons of gold.
Commercial banks in April were ordered to stop lending gold and restrict deposits of the metal. They are also not allowed to sell gold.
Experts said these restrictions have caused the price of gold to rocket this week, despite the large holdings in the country.
The metal hit a record high of VND46.3 million ($2,230) per tael on Tuesday and then fluctuated wildly over the next two days. The price was recorded at VND44.8 million per tael on Friday morning. A tael is equal to 1.2 ounces of gold.
