Gold bars in Vietnam are trading at VND 69.7 million (US$$2,853), VND 12.8 million (US$606) higher than the world gold price of VND 54.8 million (US$2,243) per tael, VN Express is reporting.

Why it matters: To alleviate pressure on the dong, the State Bank of Vietnam has been issuing treasury bills to suck up some of the excess currency in the system. This in turn is pushing up interest rates and has seen investors pulling out of the stock market. Deposit interest rates are also floating around near-all-time lows giving investors few options for their savings–in this context, these inflated gold prices may be a sign that investors are looking for safe havens to store their wealth while the market sorts itself out.

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