HANOI, Nov. 11 (Xinhua) — The State Bank of Vietnam will study and propose to the government the establishment of a national gold exchange at an appropriate time and context, the central bank’s governor Nguyen Thi Hong has said.
The gold exchange’s establishment needs careful impact evaluations of relevant ministries and sectors to give advice and make proposals to the government, she said during a question-and-answer session of the ongoing National Assembly meeting on Monday.
She said the gold exchange helped transactions transparent and created favorable conditions to meet the selling and purchasing demands of people, businesses and entities.
However, the exchange’s establishment requires investment in infrastructure, she said.
In response to surging domestic gold prices over the past time, she said the central bank would consider intervening in the gold market if necessary to stabilize the market and balance monetary policy objectives.
The central bank will coordinate with relevant ministries and sectors to inspect gold trading of enterprises, stores, distributors, buyers and sellers as well as other entities, she said.
Vietnam’s gold prices continued to decline on Monday with Saigon Jewelry Company’s gold bar being sold at 82 million Vietnamese dong (3,245 U.S. dollars) per tael for sellers and 85.5 million dong (3,384 dollars) for buyers, down 1 million dong (39.5 dollars) compared to the previous trading day.
A tael equals 37.5 grams or 1.2 ounces.
