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State Bank allocates 62 tonnes in gold quota to country's suppliers   2008-01-25 - VNS

The State Bank of Viet Nam has allocated this year's quotas to suppliers of precious metals and gemstones.

HA NOI — The State Bank of Viet Nam has allocated this year’s quotas to suppliers of precious metals and gemstones.

Accordingly, Saigon Jewelry Holding Co’s quota this year is 50,000kg; Agribank Jewelry Co’s quota is 9,000kg; Phu Nhuan Jewelry Co (2,000kg); Bao Tin Minh Chau Jewelry Company (700kg) and Ngoc Tham Jewelry Co’s quota is 200kg.

Nguyen Thanh Truc, director of Agribank Jewelry Co, said its allocated was sufficient to cover its trading demands this year.

Viet Nam Gold Trading Association said demand for gold last year increased by 30 per cent on 2006.

The World Gold Council expects demand to continue to increase in 2008 and said Viet Nam would need more than 80 tonnes of gold this year.

The domestic gold price has risen markedly since the start of this year, with the price of gold increasing by more than VND1 million a tael since January 1.

Last Wednesday, gold was selling for VND17.25 million per SJC tael in morning trading, closing at ND17.27 million in afternoon - VND420,000 per tael more than on Tuesday.

"Since the beginning of this year, I have withdrawn VND500 million from the securities market to invest in gold. I gained more than I’ve lost - trading in the same day," said gold investor Le Huu Nam.

"For instance, I bought 50 taels of gold at VND17.23 million per tael on Wednesday morning and when the price increased by VND30,000 per tael, I decided to sell because I did not know what the gold price would be tomorrow," Nam said.

A director of a financial investment company said his company had made money by cutting its investments in securities by 30 per cent and investing in gold instead.

The gold price closed at VND17.25 million per tael yesterday afternoon.

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