The price of gold has dropped from its record high after the State Bank of Viet Nam announced on its web site yesterday that it would allow the precious metal to be imported for a third time this year.
The announcement triggered an immediate fall to VND36.4-37.42 million (US$ 1,765) at gold shops from northern to southern Viet Nam after the price had earlier hit a record VND38.8 million per tael ($ 1,825).
The amount of gold the central bank will allow to be imported has not been disclosed.
But it allowed about 10 tonnes in August and October.
State Bank of Viet Nam Governor Nguyen Van Giau attributed the record gold price to speculators, the steadily increasing global price and people’s expectations.
It was possible speculators were trying to manipulate the price, he told reporters in Ha Noi.