Gold prices are high, difficult to buy online, what does the State Bank say?

This is the content of the State Bank's response to Hanoi voters sent to the 8th session of the 15th National Assembly.

Accordingly, voters reported that they still face difficulties in registering to buy gold online at four major banks including Vietcombank, Agribank, BIDV and VietinBank. They requested the Government to direct the State Bank and relevant ministries and branches to come up with solutions in the near future.

The State Bank said that recently, implementing the direction of the Government and the Government Standing Committee, based on current regulations, this agency has implemented a number of solutions to manage the gold market. Specifically, it has implemented auctions to sell gold bars and directly sell gold bars with appropriate volumes.

Direct credit institutions and enterprises licensed to buy and sell gold bars to strictly comply with legal regulations on gold trading activities; implement the invoice and document regime according to legal regulations...

Up to now, the price gap between domestic and international SJC gold bars has narrowed. Through assessment, the State Bank found that there are still some problems such as the difference between domestic and international gold prices; the market is not really stable and sustainable, still affected by psychological factors, expectations, and potential risks affecting the currency and foreign exchange markets.

"In the coming time, the State Bank will continue to consider intervening in the gold market (if necessary) with appropriate volume and frequency. Continue to handle the high difference between domestic gold prices and world gold prices, not to "goldenize" the economy, causing negative impacts on exchange rates, interest rates, the currency market, and developing a healthy gold market" - the State Bank stated.

Currently, people can register to buy SJC gold bars online at four state-owned commercial banks including Vietcombank, BIDV, Agribank and VietinBank. These four banks only sell SJC gold bars, not buy.

People can also buy and sell SJC gold bars at other banks such as Eximbank, ACB, TPBank, Sacombank...

Giá vàng tăng cao, khó mua trực tuyến, Ngân hàng Nhà nước nói gì?- Ảnh 2. — In addition to SJC company, people can buy SJC gold bars online at commercial banks such as Vietcombank, BIDV, Agribank, VietinBank...

As of noon on April 6, the price of SJC gold bars being traded by businesses and commercial banks is around 97.1 million VND/tael for buying and 100.1 million VND/tael for selling, down about 1.2 million VND/tael compared to yesterday.

Also related to gold prices, voters in An Giang province reflected that prices fluctuated continuously, mainly in an upward direction, affecting the effectiveness of state management activities in the gold market. Thereby, voters recommended that the State Bank take appropriate measures to manage gold prices.

The State Bank said that domestic gold consumption is mainly from imported sources. Therefore, domestic gold prices depend on the movements of world gold prices. Recently, world gold prices have been fluctuating continuously, mainly in an upward trend, due to escalating geopolitical, trade and armed conflicts in many countries around the world, causing the demand for physical gold consumption in some countries and the gold reserves of many central banks to increase sharply. Therefore, gold prices have been increasing all over the world, not just in Vietnam.

"According to the 2012 Law on Prices and the 2023 revised Law on Prices, gold is not an essential commodity and is not included in the list of goods and services subject to price stabilization. The buying and selling prices of gold are actively listed by credit institutions and businesses that buy and sell gold bars. Central banks also do not manage gold prices, but gold prices are determined by market supply and demand. The State Bank only intervenes to stabilize the gold market and does not intervene in domestic gold prices," the State Bank affirmed.