HCMC – The Government has directed the State Bank of Vietnam (SBV) to intensify inspections and crack down on price manipulation, gold hoarding, and illegal trading that disrupt market stability.
According to the Government directive issued on September 7, Prime Minister Pham Minh Chinh urged the central bank to closely monitor global and domestic gold prices and take swift action to stabilize the market.
The SBV was asked to step up inspections to detect and strictly handle violations, especially acts of market manipulation, gold hoarding to drive up prices, and illegal trading that destabilize the gold market, according to the directive.
The move aims to narrow the gap between international and local prices and prevent volatility from spilling over into exchange rates, interest rates, foreign currency markets and the wider economy.
The prime minister’s directive comes amid a rally in gold prices that has lasted more than two weeks.
This morning, SJC gold bars fell slightly compared to the weekend. However, the price remains about VND20 million per tael higher than the global rate.
According to the website bieudogiavang.vn, at around 10:30 a.m., gold bars at Saigon Jewelry Company (SJC) were capped at VND133.1 million per tael for buying and VND135.1 million per tael for selling.
Compared to the closing session last weekend, buying prices fell by VND800,000 and selling prices by VND300,000. The spread between buying and selling prices widened from VND1.5 million to VND2 million per tael.
Meanwhile, the price of gold rings at many outlets remained unchanged at over VND130 million per tael for selling.
