Vietnam gold to continue upward trend in 2012

Dinh Nho Bang, General Secretary cum Deputy Chairman of Vietnam Gold Traders Association (VGTA) projected the global gold price to hike in 2012.

Dinh Nho Bang, General Secretary cum Deputy Chairman of Vietnam Gold Traders Association (VGTA) projected the global gold price to hike in 2012, with domestic prices following the trend, the local state-run online newspaper Tuoi Tre (“Youth”) reported.

However, the domestic gold premium will very much depend on management policies of the State Bank of Vietnam (SBV), Bao emphasized.

The central bank should design a scheme to mobilize gold from the public and issue gold certificates, Bao said, adding that a secondary market should be formed for gold certificates trading. Gold depositors will earn certain interests on their gold, Bao continued, saying that interest rates should be adequate and in par with dong and dollar deposit interest rates.

There is no gold market that trades solely bullion as in Vietnam, Bao said, reasoning that it is risky, costly and troublesome to investors.

Source Sophie/ StoxPlus

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Posted by admin on Feb 1 2012. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry