Gold News

Gold futures 'booming' in Vietnam

Increasing numbers of investors in Vietnam are turning away from the stock market in favour of gold investments, according to reports.

Gold futures trading has seen a boom in the country in recent times as worries over currency, higher inflation and uncertainty in the stock market abound, Reuters says.

The only gold exchange in the country, operated by Asia Commercial Bank, has seen about $100 million worth of transactions since it opened in May last year.

Meanwhile, VnMedia has reported that the Saigon Jewelry Company believes up to 24,000 ounces of gold are being traded on the domestic market every day - underlining the growing attractiveness that gold bullion appears to hold for investors.

One trader told Reuters that he was buying and selling gold futures in deals worth up to $200,000 a day.

"Gold futures provide more liquidity than stocks and are more attractive than physical gold because you only need to pay seven per cent deposits, lessening the need for capital," the trader, who asked to be identified only as Truong, commented.

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