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Lawmakers call for action amid volatile gold market

The Saigon Times

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HCMC – Vietnamese lawmakers have expressed concerns over the erratic behavior of the gold market, calling for stronger action.

During the 33rd session of the National Assembly (NA) Standing Committee today, May 13, Tran Quang Phuong, vice chairman of the NA, criticized the inability to deal with the wild fluctuations of gold prices. “It is unacceptable,” he said.

Le Thi Nga, chairwoman of the NA’s Judicial Committee, pointed out the widening gap between domestic and international gold prices. Despite Government efforts, including directives on gold market stabilization and gold auctions, the market has continued seeing wild price spikes. Nga called for more stringent regulation and Government intervention to stabilize the market.

Nguyen Thi Thanh, head of the NA Deputies Affairs Committee, called for an investigation to determine the cause of these price spikes, which recently reached a historic high of over VND92 million per tael.

Tran Thanh Man, permanent vice chairman of the NA, also expressed concerns about the rising import costs driven by gold price volatility, highlighting potential impacts on inflation.

Earlier, Vu Hong Thanh, chairman of the NA Economic Committee, addressed existing management issues in the gold market. He noted significant disparities between domestic and international prices and gold smuggling.

Thanh said that domestic gold prices surged by 20.8% in the first four months of the year. To address these issues, the State Bank of Vietnam plans to conduct two gold auctions this week, instead of the usual one, in an effort to increase supply and help stabilize prices.

Meanwhile, SJC gold prices experienced dramatic fluctuations this morning. After plunging to VND85.5 million for buying and VND88.5 million for selling, a sharp decrease of VND3.3 million and VND2.8 million per tael, respectively, they rebounded strongly. By 2 p.m., prices had risen to VND87.5 million for buying and VND90 million for selling.

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