Prime Minister: Closely monitor the gold market

Prime Minister Pham Minh Chinh requested the State Bank to closely monitor and implement solutions to stabilize the gold market...

This is the content stated at Directive No. 03/CT-TTg belong to Prime minister The Government urges the implementation of key tasks after the 2025 Lunar New Year holiday.

Accordingly, the Prime Minister requested State Bank Preside over and coordinate with agencies and localities to closely monitor and implement solutions to stabilize the gold market; promptly summarize, research, and propose amendments and supplements. Decree 24 about manage Gold trading activities, submitted to the Government in the second quarter.

Recently, answering voters of An Giang and Hanoi about market Gold, the State Bank said, recently, implementing the direction of the Government, the Government Standing Committee, based on current regulations, the State Bank has implemented solutions to manage gold market

Despite the high price of gold, people buy gold before God of Wealth day.

Specifically, the State Bank will implement auctions to sell gold bar and sell gold bars directly with appropriate volume; coordinate with relevant ministries and branches to strengthen the work Inspect, examine and supervise the implementation of policies and laws in gold trading activities; 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...

To date, the price difference SJC gold bars domestic and international has initially narrowed.

According to the State Bank, currently, domestic gold consumption is mainly from imported sources, therefore, domestic gold prices depend on the development of world gold prices. Recently, world gold prices have been constantly fluctuating, mainly in an upward trend, due to escalating geopolitical tensions, 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...

"Thus, the gold price has been increasing all over the world, not just in Vietnam, and since the State Bank intervened to sell gold directly, the world gold price has increased faster than the domestic gold bar price," the State Bank said.

Currently, the buying and selling prices of gold are actively listed by credit institutions and businesses that buy and sell gold bars. In practice around the world, central banks do not control gold prices, but gold prices are determined by market supply and demand. Therefore, the State Bank only intervenes to stabilize the gold market, not to interfere with domestic gold prices.

Bank The State assesses that there are still some problems such as: the difference between domestic and international gold prices; the market is still not really stable and sustainable, still affected by psychological factors, expectations, and potential risks affecting the currency and foreign exchange markets.

The State Bank said that in the coming time, to continue implementing the Prime Minister's instructions, based on the recent intervention situation and current legal regulations, the State Bank will continue to consider intervening in the gold market (if necessary) with appropriate volume and frequency.

Coordinate with ministries, branches and localities to drastically implement solutions, synchronously stabilize the gold market, continue to handle the high difference between domestic gold prices and world gold prices, and prevent the economy from being "goldenized", causing negative impacts on exchange rates, interest rates, the monetary and foreign exchange markets, and national financial security and safety.

The State Bank will conduct a full review of the implementation of Decree 24 and propose amendments and supplements in accordance with the practical situation, contributing to preventing the goldification of the economy, not allowing gold price fluctuations to affect exchange rates, inflation and macroeconomic stability...

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