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Update news price gap
The wide gap between domestic and world gold prices has caused buyers to lose money, but helped gold smugglers earn lucrative, but illegal, profits.
VietNamNet Bridge - The central bank’s inconsistent statements about the goals of the gold market management policy have made people feel dizzy.
After the world’s gold price tumble and the heavy fluctuations of the domestic prices, the belief that gold is a safe shelter in the storm has become shaky.
The major purpose of the gold bidding is to stabilize the market. However, the goal remains unattainable after 6 bidding sessions were organized.
The State Bank of Vietnam has authorized the Saigon Jewelry Company (SJC) to make bullion gold to provide to the market.
Whether the domestic gold price decreases to come closer to the world price depends on the amount of gold the State Bank would put into circulation and the people’s confidence on the bank’s policies.