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Vietnam does its gold price rigging in the open, unlike 'free market' nations
Vietnamese Central Bank Moves to Lower Domestic Gold Prices
By Jimmy Choi
Central Banking, London
Monday, June 3, 2024
The State Bank of Vietnam started selling gold directly to four state-owned commercial banks today, aiming to lower the metal's domestic price.
A senior SBV official recently said the domestic gold price may be affected by illicit factors, but an independent analyst cast doubt on this theory. The SBV will sell gold bars to the state-owned Saigon Jewelry Co. and lenders Agribank, Vietcombank, BIDV and VietinBank. The institutions will then sell the gold bars to the public.
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The central bank will sell the bars, branded by the SJC, at 78.98 million dong ($3,107) a tael, which is equivalent to 37.5 grams. SJC gold bars dominate the domestic gold bullion market and have been considered national gold bars since the government monopolised their production since 2012.
The government tightly controls the supply of gold bars and gold trading. ...
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