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Wednesday, June 19, 2024

Central bank urges probe into suspected gold market manipulation

The Saigon Times

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HCMC – The State Bank of Vietnam (SBV) has called for police to launch an investigation into misinformation, speculation, and market manipulation on the gold market.

In a directive sent to the Ministry of Public Security on June 10, the central bank stressed the need to investigate and address malpractices such as misinformation, speculation, profiteering, and market manipulation.

The SBV’s move aims to ensure market transparency and stability, especially at the gold-selling locations of the four state-run commercial banks and Saigon Jewelry Company which are authorized to sell the metal to the public.

Reports of a supposed gold shortage have led to long queues at various gold-selling points, where individuals are reportedly hired to purchase gold in an attempt to artificially inflate prices.

Efforts to investigate any wrongdoing by banks and businesses involved in gold trading, particularly in Hanoi and HCMC, are underway.

Collaborative measures between the SBV and relevant authorities include direct gold sales to the four state-run commercial banks and Saigon Jewelry Company to reduce the difference between domestic and international gold prices.

The price of gold, which hit an all-time high of VND92.5 million per tael in May, has significantly dropped, with each tael now selling for nearly VND77 million. One tael equals 37.5 grams or 1.2 troy ounces.

The price gap between domestic and global gold prices has narrowed to around VND5-6 million per tael.

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