Gold Demand to Surge in Vietnam as Dong, Stocks Slump
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Gold demand in Vietnam, which consumes more of the precious metal per head than India and China, is set to surge as the third devaluation in the past year and a stock-market slump combine to spur sales.
“People will switch to gold as a shelter,” said Le Xuan Nghia, vice chairman of the National Financial Supervision Commission, which advises Prime Minister Nguyen Tan Dung. “The current situation with the dong will spur people to increase their gold holdings.”