Analysts said commercial banks are boosting their gold purchase to prepare for the November 25 deadline repayment of gold deposits.
"HANOI(BullionStreet): As the November 25 deadline of repayment on gold deposits approaches fast, commercial banks in Vietnam are boosting their gold purchases.
"The frantic buying by banks have taken the domestic prices to climb and further extend difference between domestic and global prices.
"As demand exceeded supply, local gold prices continued to rise yesterday to VND47.8 million per tael, roughly VND3 million higher than the world price according to the Vietcombank's rate which yesterday rose VND20 against the previous day to VND20,870 per dollar. ..."