Government requires specialised inspection over gold market

ABO/NDO- The Government has requested an immediate inspection over gold bullion trading in an attempt to stabilise the domestic gold market that has witnessed a sudden price rise in recent days.

The Government Office has released a document on Deputy Prime Minister Le Minh Khai's conclusions at a recent meeting on the matter, one of which is his request for an urgent review and comprehensive assessment of gold bar production and trading of businesses, as well as gold market management solutions that the State Bank of Vietnam (SBV) has adopted in recent times.

Gold bars (Photo: VNA).

He also required further efforts to narrow the widening gap between domestic and international gold prices to ensure that the domestic gold market operates stably, effectively, healthily, openly, transparently, and in accordance with the law.

Attention should be paid to avoiding ‘goldenisation’ of the economy as well as the negative impact on macroeconomic stability and national financial and monetary security, Khai stressed, urging relevant agencies to report the results to the Prime Minister in May at the latest.

The central bank recently held gold bullion auctions in a bid to keep the domestic gold market stably. However, the solution seemed not to prove effective, as gold bar prices have surged significantly.

May 10 saw SJC-branded gold bar prices hit an all-time high of more than 92.4 million VND (3,630 USD) per tael, and the disparity between the domestic and international gold prices is now at approximately 20 million VND per tael.

(Source: NDO)