The State Bank of Vietnam (SBV), the country’s central bank, has submitted a detailed legal framework on management of gold trading floors to the prime minister for approval, local media reported.
The long-awaited framework stipulated that operations of all gold trading floors will be directly put under strict management of the SBV in conjunction with credit institutions and the Ministry of Industry and Trade.
Early last month, the SBV issued a dispatch asking credit institutions not to open more gold trading floors.
Credit institutions which have yet had any operation relating to gold trading floor or provided services for gold trading floor cannot engage in such operations from April 1 and have to wait for detail guidance being prepared by the central bank and other authorities.
Analysts say that gold trading floors can attract a big number of investors because gold investments can bring lucrative profit with small investment capital.
Investors can join the trading floors if they pay a security of 7 per cent. Though gold prices have fluctuated in recent days, the trading volume is still very big, once hitting 50-550,000 taels/day.
Given a downfall in global gold prices, domestic gold trading companies have early this morning adjusted the prices down around VND10,000-VND50,000/tael against on May 5.
At 9.30am on this morning, Saigon Jewelry Holding Co sold gold for VND19.85 million per tael, down VND10,000 while keeping its buying prices unchanged at VND19.73 million per tael.
SBJ gold plates of Sacombank were bought at VND19.70 million per tael and sold for VND19.82 million per tael on the same morning, down VND90,000 and VND50,000, respectively. (Investment)
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