The State Bank will continue to improve the legal framework for gold trading management activities.

Specifically, regarding the gold market, the State Bank said that thanks to a series of solutions, by the end of 2024, the difference between domestic and world gold prices had been controlled and maintained at a suitable range. Accordingly, the difference between world gold prices and domestic gold prices converted from 25% at the peak (VND 18 million/tael - PV) to about VND 3-5 million/tael (equivalent to about 5-7%) by the end of 2024.

In the first quarter of 2025, the world gold price continuously broke records, increasing from 2,635 USD/ounce (January 2, 2025) to the highest level of 3,047 USD/ounce on March 19, 2025.

The State Bank also pointed out three reasons for the recent increase in international gold prices. Firstly, political instability, military conflicts, and increased strategic competition on a global scale, such as the prolonged Russia-Ukraine military conflict, followed by economic and political sanctions and retaliation between Russia and the US and its allies; and military conflicts between Israel and Muslim countries and forces in the Middle East.

Second, many central banks and investment funds are stepping up gold purchases to supplement foreign exchange reserves.

Third, US President Donald Trump's announcement of high reciprocal tariffs with countries around the world has negatively impacted investor sentiment and global economic growth, causing investors' cash flow to tend to flow into gold...

Domestically, the price of SJC gold bars moved in the same direction as the world price, from 84.05 million VND/tael on the first day of 2025, increasing to around 100.4 million VND/tael on March 19, 2025.

According to the State Bank's assessment, the high gold price is a common development in both the international and domestic markets. However, the difference between the average domestic gold buying and selling price and the world price has decreased significantly compared to 2024 (at times the difference reached the highest level in 2024 of about 18 million VND/tael, equivalent to 25%), up to now it is about 2-4 million VND/tael (equivalent to about 3-5%), at many times the buying price of SJC gold bars is lower than the converted international gold price.

This development shows that with recent gold market management measures, the difference between domestic SJC gold bar prices and converted world gold prices is controlled within a suitable range.

Regarding gold market management, the State Bank said that it has submitted a report to the Prime Minister proposing the development of a Decree amending and supplementing Decree No. 24/2012/ND-CP dated April 3, 2012 on the management of gold trading activities.

In the coming time, the State Bank will continue to manage the gold market based on the direction of the Government, the Prime Minister, and legal regulations; closely coordinate with ministries, branches, and localities in managing gold trading activities.

At the same time, we will continue to perfect the legal framework for gold business management, focusing on summarizing Decree No. 24/2012/ND-CP dated April 3, 2012 of the Government on gold business management to propose, amend and supplement in accordance with reality.

Source: https://nhandan.vn/ngan-hang-nha-nuoc-se-tiep-tuc-hoan-thien-khuon-kho-phap-ly-ve-hoat-dong-quan-ly-kinh-doanh-vang-post873451.html