The State Bank has just sent report No. 145/BC-NHNN to the National Assembly, which mentioned the gold market. The report said that as of April 23, 2025, the difference between domestic and international SJC gold bar prices has increased sharply to about VND 14.48 million/tael, equivalent to 13.62%.
Previously, after implementing many solutions to stabilize the market, by the end of 2024, the difference between domestic and world gold prices had significantly decreased from about 25% to 5-7%, equivalent to about 3-5 million VND/tael. In particular, at the beginning of 2025, there was a time when the difference was only about 1-2%.
However, since the beginning of April 2025, the domestic gold market has recorded strong fluctuations, as world gold prices have continuously set new highs. The State Bank pointed out that the main reason was global political instability, such as the Russia-Ukraine military conflict, tensions between Israel and Islamic forces in the Middle East, along with the escalation of global strategic competition.
In addition, the increase in gold reserves purchased by central banks and investment funds, as well as the high tax policy of the US President Donald Trump's administration, has put great pressure on the global economy , causing investors' money to flow strongly into gold.
Domestically, the price of SJC gold bars fluctuates in the same direction as the world gold price, but the rate of increase is faster due to the expectation that gold prices will continue to increase. At the same time, the supply of gold bars has not been supplemented since the beginning of the year and there is a possibility of speculation and price inflation by some organizations and individuals for profit.
Although the gold market has fluctuated strongly, the State Bank affirmed that this has not negatively affected the management of monetary policy and the stabilization of the macro economy.
The State Bank pledges to continue to closely monitor the domestic and international gold market situation, and coordinate with relevant agencies to strengthen management and operation of the gold market in accordance with its functions and authority.
The State Bank also acknowledged that the gold market has not yet achieved sustainable stability, is still greatly influenced by the psychology and expectations of people and investors, and poses potential risks to the currency and foreign exchange markets.
Therefore, in addition to technical and administrative solutions, long-term stabilization of the gold market requires synchronous coordination among ministries, branches and local authorities, under the unified direction of the Government and the Prime Minister.
In the coming time, the State Bank will identify a number of key orientations in managing the gold market.
First, continue to promote communication work to provide complete and timely policy information to stabilize market sentiment.
Second, urgently develop a Decree amending and supplementing a number of articles of Decree 24/2012/ND-CP according to simplified procedures.
Third, closely coordinate with the Ministry of Public Security, the Ministry of Industry and Trade, the Ministry of Finance and relevant agencies to strengthen inspection and examination of the activities of gold trading enterprises, stores, distributors and market participants, in order to promptly detect loopholes, inadequacies and violations for strict handling, and at the same time propose appropriate management measures, contributing to stabilizing the gold market and ensuring the safety of the national financial system.
Source: https://baodaknong.vn/day-manh-thanh-tra-thi-truong-vang-ngan-chan-dau-co-va-thao-tung-gia-251676.html
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