12 Feb '12, 11am

Vietnam battles 'gold fever' as price soars: HANOI (AFP) - Stashing gold at home rather than having cash in the...

Vietnam battles 'gold fever' as price soars: HANOI (AFP) - Stashing gold at home rather than having cash in the...

In this file picture taken on Feb 25, 2011, a local gold shop's employee shows off gold bars in Hanoi. According to the local official media, the Vietnamese government is considering a ban on trading of gold bars amid efforts taken to curb down inflation. -- PHOTO: AFP HANOI (AFP) - Stashing gold at home rather than having cash in the bank is a generations-old habit in communist Vietnam, but a recent surge in prices has sparked government attempts to bring the yellow metal to heel. Last year the country bought more gold per capita than India or China, according to the World Gold Council, and domestic prices soared by 18 per cent - far outstripping the global market's 11 per cent increase. And old habits are dying hard, according to 60-year-old retiree Truong Van Hue, even if an ounce of gold bullion can now cost up to US$100 (S$130) more in Hanoi than anywhere else in the ...

Full article: http://www.straitstimes.com/BreakingNews/SEAsia/Story/STI...

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