HANOI: Vietnam’s central bank said on Friday ( Jun 7 ) it “has enough recourses and determination” to stabilise the domestic gold market, amid a sharp rise in local gold prices this year.
” The State Bank of Vietnam ( SBV ) is simultaneously implementing measures to stabilise the market, and has obtained initial objectives”, it said in a statement.
In Vietnam, where the main bank encircles the goods of the metal, silver is a popular investment option and a money survival tool. The most recent buy sample was more than ten years ago.
Home selling golden prices increased by 11.5 percent in the first four weeks of this year, and they remained 20 % higher at the end of May than global prices.
The SBV held six golden auctions between April 23 and May 23 to sell 1.8 lots of the metal to reduce home prices and close the gap.
The SBV began selling metal to the business via four state-owned businesses on Monday.
The central bank set its gold price at 75.98 million dollars ($ US$ 2, 988.75 ) per tael on Friday, up from a recent peak of around 90 million dollars on the domestic market in the middle of May. A tael is equivalent to 37.5 ounces, or 1.21 trojans ounces.
The central bank dismissed information that was available on social advertising that it was short of gold for sale as “fake announcement” in its Friday statement.