Vietnam’s central bank has allowed a local company to import more gold into the country to cool the rising price of gold.
The State Bank of Vietnam has agreed to allow Saigon Jewelry Co. (SJC), one of the largest gold trading companies in the country, to import gold based on its needs, the company’s sales director said.
Gold imports will help reduce the gap between local and international gold prices. At the moment, this difference is $ 45 per ounce. Analysts say this price gap encourages smuggling and speculation.
Additional measures to liberalize the country’s gold market come amid rising gold prices and new highs of more than $ 1,910 an ounce on Tuesday, Aug. 23, as gold is increasingly seen as a “safe haven.” amid fears about the future of the global economy.