HANOI (Commodity Online) : After gold skyrocketed in domestic markets, Vietnam on Tuesday allowed private companies to 5 tons of gold to help stabilise domestic markets and supplement local supply.
In a statement here, country’s central bank, State Bank of Vietnam said it was watching closely the market situation imports will prevent speculation and manipulation.
From the beginning of this month, especially on Aug. 8, domestic gold prices increased “suddenly” following the change in the global market, added the statement.
“Taking advantage of the situation, speculators in the domestic market had speculated, and manipulated, causing unstable psychology among people even though the amount of gold in the market is still high,” it said.
The State Bank of Vietnam also said its consistent policy is to stabilize the dong’s value, and it is risky for people to buy and hold gold at the moment, according to the statement.
