HCMC – The State Bank of Vietnam on Thursday issued quotas for local enterprises to import gold, sending domestic gold prices down after strong rallies in the previous days.
Nguyen Thi Cuc, deputy general director of Phu Nhuan Jewelry Co. (PNJ), said her company had been allowed to import 300 kg of gold, or around 8,000 taels – a local measurement unit equivalent to 1.2 troy ounces.
PNJ has placed orders with foreign partners and shipments are expected to arrive in Vietnam late this week at the earliest.
Truong Cong Nho, deputy general director of Saigon Jewelry Holding Co. (SJC), said SJC could import 200 kg of gold, or 5,330 taels, and that the yellow metal would arrive early next week.
Domestic gold shot up to VND33.03 million and VND33.1 million per tael for buying and selling respectively at 2:30 p.m. on Thursday but the prices later dropped by nearly VND300,000 shortly after the import quotas were announced.
Local gold on Thursday was VND130,000 per tael higher than the world level, down from the VND860,000 recorded on the previous day.
The central bank also extended import quotas to other large gold firms such as Agribank and Sacombank jewelry companies but the quotas are small.
“The central bank decision will leave a positive psychological impact on the market, helping to ease price hikes, encourage buying and curb selling. Local gold prices might be lower than the world in the future,” Cuc said.
Cuc added buying surged strongly from 3:30 p.m. on Thursday. PNJ as of 5:00 p.m. had sold 5,000 taels and bought 2,800 taels.
