The government requires urgent control to stabilize the gold market.

To stabilize the gold market, the Government Office assigned the State Bank to closely coordinate with relevant agencies to inspect, control, and closely monitor this market.

The Government Office has just sent a document to the Governor of the State Bank on the progress of implementing solutions to manage the gold market.

This document conveys the direction of Deputy Prime Minister Le Minh Khai, based on the State Bank's report at the end of February on the progress of implementing solutions to manage the gold market.

Accordingly, Deputy Prime Minister Le Minh Khai requested the State Bank to coordinate with relevant agencies to urgently, seriously, fully, effectively and promptly implement the tasks and solutions to stabilize the gold market assigned in the Prime Minister's telegram and directive and the Government Office's official dispatches.

The Deputy Prime Minister also assigned the State Bank to closely coordinate with relevant agencies to urgently carry out inspection, examination, control, and strict, comprehensive, focused, and key supervision of the gold market.

Along with that is the supervision and inspection of the activities of gold trading enterprises, stores, agents distributing and trading gold bars and other entities participating in the market.

The goal is to ensure stability, stability and safety of the gold market, contributing to limiting the goldization of the economy while ensuring national financial and monetary security and developing a safe, healthy, effective and sustainable gold market. These tasks are required to report the results to the Prime Minister in March 2024.

Since the end of last year, the Government has repeatedly requested the State Bank to take measures to manage the gold market, not allowing the price of gold bars to be too high compared to the world price.

Recently, the Prime Minister requested the State Bank to urgently summarize Decree No. 24 on the management of gold trading activities and propose solutions to effectively manage the gold market in the new situation, to be completed in the first quarter of 2024. According to experts, some provisions of Decree 24 are no longer suitable in the new context and need to be amended.

Recently, the domestic gold market has been experiencing fluctuations as the prices of gold rings and gold bars have both plummeted.

Last week, the gold ring market reached a record price of 71.38 million VND/tael on March 11, but continuously decreased in the following sessions.

After two weeks of impressive gains as gold prices skyrocketed, gold ring investors faced losses this week as gold prices turned sharply lower. However, the loss was also a valuable lesson for impatient investors who were easily swayed by market sentiment.

With the above transaction level, up to this point, the price of gold rings has decreased by about 2.5 million VND/tael compared to the strongest increase session. In this context, the market recorded many profit-taking transactions with gold ring products when at stores and gold trading units, the number of people coming to sell is more than buying, to ensure previous investments.

The SJC gold bar market also saw a similar decrease. The highest increase in gold prices was recorded at the end of March 12, when Saigon Jewelry Company (SJC) listed SJC gold bars for buying at VND80.5 million/tael and selling at VND82.5 million/tael.

However, immediately after that (March 13), the gold price was adjusted down by more than 2 million VND. At the end of the afternoon of March 13, SJC gold of Saigon Jewelry Company was 78.2-80.7 million VND/tael for buying and selling. Thus, if customers bought at the end of the afternoon of March 12, by March 13, they would have suffered a double loss of more than 4.5 million VND/tael due to the price difference and the decrease in gold.

Also in today's session (March 18), the price of SJC gold bars had a continuous "up and down" session, making investors' hearts skip a beat.

Accordingly, right after the opening of the morning session this morning, Saigon Jewelry Company and Vietnam Gold listed the buying and selling prices of SJC gold, which simultaneously decreased by 200,000 VND/tael, and by nearly 11:00 a.m. this morning, they had decreased by another 500,000 VND. However, by this afternoon, this brand reversed and "recovered" 400,000 VND/tael, currently trading around 79.30-81.40 million VND/tael.

According to VNA

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