State Bank admits that people have difficulty buying gold online

The State Bank said there are currently two extremes: People find it very difficult to buy gold online. On the other hand, there are people who order gold but do not come to pick it up.

In reality, people who really want to buy gold online directly from the bank find it very difficult - Photo: PHUONG QUYEN

People with real needs cannot buy gold online

At the regular press conference for the second quarter held today, July 23, PV has pointed out the reality that people with real needs are very difficult. buy gold online even though I placed the order right when the bank opened for sale.

On the other hand, there are groups that specialize in hunting for positions. buy gold then resell for a fee of 500,000 - 800,000/tael, even accepting orders based on the information provided by the buyer.

So what solutions does the State Bank have to allow people with real needs to buy gold online at the official selling price of the bank, without having to buy at a price difference on the market?

Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department of the State Bank, admitted that people have had difficulty buying gold in recent days. However, on the contrary, there are people who have placed orders to buy gold but have not come to pick up the gold.

The State Bank has directed banks and Saigon Jewelry Company (SJC) to have appropriate adjustment solutions.

"According to feedback from units, in recent days, especially yesterday, there were people who placed orders to buy gold but did not come to pick up the gold. This clearly shows that market demand has reached a certain level."

Regarding the phenomenon of people buying and selling quotas to buy gold, Mr. Tuan said that the State Bank has worked specifically with police agencies to combat this issue.

"We have also directed four state-owned commercial banks and SJC Company to promptly report to the authorities to take appropriate measures. We understand that the authorities are also implementing measures to deal with the situation," said Mr. Tuan.

Regarding future orientation, Mr. Tuan stated that the State Bank will continue to implement policies and solutions according to the direction of the Prime Minister.

It will be summarized into a new policy, amending Decree 24 on gold trading management to ensure the gold market develops stably, sustainably, and more closely with the market.

Mr. Dao Minh Tu, Deputy Governor of the State Bank - Photo: SBV

Gold is a hot topic.

Mr. Dao Minh Tu, Deputy Governor of the State Bank, said that gold has been a hot issue in recent months. One is that the price of SJC gold is much higher than the world price, creating an unreasonable difference.

The State Bank has had 9 auctions. However, after reviewing the auctions, it was found that they were ineffective, inappropriate, and had no positive impact on controlling SJC prices.

Therefore, the State Bank switched to direct sales through state-owned commercial banks and SJC Company.

This mechanism has initially been effective, controlling the price of SJC gold compared to world gold to prevent too large a difference at an appropriate level.

"However, these are also short-term policies. In the long term, how to find a fundamental and suitable solution is a difficult problem. The State Bank and relevant ministries have been researching to build a reasonable policy in the coming time for gold market management.

Whatever is under the state management role must definitely continue to be managed. But whatever is left to the market, we must also create conditions for the market to be open.

Based on that principle, we will revise Decree 24 to make it most reasonable, promote effective management role as well as ensure the openness of the economy," Mr. Tu affirmed.

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