Two more Vietnam banks to sell gold deposits

The State Bank of Vietnam allowed 2 more commercial banks to sell gold deposits to intervene the local gold market.

The banks were not yet identified.

The two banks were also permitted to open their international gold trading accounts as a hedge for their domestic gold selling.

Domestic gold demand on Oct 10 fell to 8,000 taels/ day, the lowest level since the SJC and 5 selected banks sold gold deposits under the agreement by the SBV, said Nguyen Cong Tuong, Deputy Dead of Gold Trading Department of the SJC.