After 30/6 - Deadline for all credit institutions accounting status, the difference between the domestic price and the world will fall, but not as much as expected.
It is said that Mr. Nguyen Thanh Truc, Vice President Business Association Vietnam gold (VGTA) given in an interview with the financial news agency Bloomberg.
Mr Zhu said that by the end of July, the difference between the domestic price and the spot price of gold on the international market could reduce the level of 4 million / tael, equivalent to about 158 USD / oz. According to Zhu, the difference reached a record of more than 6 million / tael on last April, the international gold market into a state of downward (bear market), boosting demand for physical gold soared in Asia.
Recently, the State Bank has tightened the gold market management, which has a monopoly on the import and production of gold, in order to prevent "yellowing" of the economy. One of the measures to strengthen the management of the gold market, the State Bank is the credit institutions are instructed to complete the return of all the gold deposit from customers before the deadline 30/6.
"The demand for gold in Vietnam fell sharply after the limit will be due to the fact there will be no additional demand from banks and gold procurement activities will continue," Mr Zhu said. "The price difference can be reduced, but it will not be as much as we hoped," because the retail investors will buy into, according to Zhu.
This gold trader said that gold price difference in the world should the water-level of less than 1 million / tael is reasonable. In addition, Mr. Zhu predicted, when the sender yellow gold withdrawn from the banks, they can hold or sell, depending on market prices.
According to the World Gold Council (WGC), Vietnam sold 77 tonnes of gold in 2012, compared with 864.2 tonnes consumption in India and Thailand's 80.9 tons.
Mr. Haresh Soni, union president and Gemstone jewelry throughout India, said last week, domestic gold price difference in India-International is 7 USD / oz. India is the country's largest gold consumer in the world.
"The management measures more closely by the State Bank of Vietnam and enforcement concerns falling gold prices may temporarily affect the demand for gold in Vietnam," said Albert Cheng, the WGC CEO the Far East, said in an e-mail sent by Bloomberg. "In the long term, for the majority of Vietnam, especially those who lived through the war years and experiencing economic difficulties, gold will still be seen as a tool for saving and investment Popular prefer ".
"In these difficult economic times, devaluation expectations spurred the people of Vietnam to buy dollars and gold. State Bank of Vietnam is trying to reduce gold holdings to create greater stability for the money, "said Matt Hildebrandt, an economist at JPMorgan Chase Bank Singapore and evaluation.
Gold prices in the London market from the beginning of the year were down 18% while the global economic recovery, increasing fears of a decline in demand for gold as a safe asset. This morning (13/6), spot gold prices in Asia at the threshold of about $ 1,390 / oz. In May, Swiss bank Credit Suisse forecast that gold prices could fall to $ 1,100 / oz in round 1 next year.
SJC gold price listed in the Company's Saigon Jewellery (SJC) from the beginning of the year has decreased by 11%, the threshold 40.7 million / tael for sale. This morning, SJC gold selling higher international prices converted 5 million / tael.
To the credit institution has gold resources of computing, from 3/28 to date, State Bank has continued to hold auction gold. As of December 11/6, after 29 auctions, the State Bank has sold 28.3 tonnes of gold.
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