Though lending to people who bet on gold is a big source of profits for many banks, the directors of a certain bank are sounding a warning. They say that punters forced to cover bad bets on gold have had a lot to do with the dong’s loss of value.
Keywords: DollarsThe BankImportsbet onbuyDirectors
When Governor Giau announced the State Bank of Vietnam’s decision to allow gold imports, he confidently said that the imports will force down the precious metal’s price. However, Giau’s prediction has not come true, comments Tien Phong daily. The price keeps rising even though gold imports have arrived.
Keywords: ImportsKhanhcoolTien Phong DailysoftenimportEscalating
On November 24-25, gold was selling for 28.6 million dong per tael, an increase of about 33 percent since early June.