Gold prices still fluctuate strongly, Prime Minister requests inspection

DNVN - In the context of strong fluctuations in domestic gold prices, Prime Minister Pham Minh Chinh requested to strengthen market management measures, including immediately inspecting the activities of gold trading enterprises, stores, distribution agents and gold bar buyers and sellers...

Prime Minister Pham Minh Chinh has just signed Official Dispatch No. 23 requesting to strengthen measures to manage the gold market.

The telegram stated: The world and domestic gold markets are complicated, domestic gold prices fluctuate strongly, affecting the stability and safety of the financial and monetary markets and social psychology.

To strengthen measures to manage and develop a safe, healthy, effective and sustainable gold market, the Prime Minister requested the State Bank of Vietnam to preside over and coordinate with relevant agencies to urgently, seriously, fully, effectively and promptly implement tasks and solutions to stabilize the gold market assigned by the Prime Minister and the Government.

Continue to closely monitor the developments in world and domestic gold prices to promptly implement solutions according to regulations to stabilize the gold market. Comprehensively evaluate, carefully analyze and have effective, timely, and regulated solutions according to market principles to immediately handle the high difference between domestic and international gold bar prices in recent times.

The Prime Minister requested to strengthen measures to manage the gold market in the context of strong fluctuations in domestic gold prices.

Do not let the economy "goldenize", do not let it negatively impact exchange rates, interest rates, the money market, foreign exchange, and national financial and monetary security and safety. Report to the Prime Minister on the implementation results in March 2024.

Thoroughly and comprehensively review the legal framework, mechanisms and policies related to gold market management and gold bar and jewelry trading activities...

Immediately summarize the implementation of Decree No. 24 of the Government on the management of gold trading activities to promptly propose to competent authorities to consider amending and supplementing regulations to enhance the effectiveness of state management tools, develop a transparent, healthy, effective and sustainable market.

Immediately conduct inspections and examinations of the gold market, activities of gold trading enterprises, stores, agents distributing and trading gold bars and other entities participating in the market.

Timely detect loopholes and shortcomings to proactively, positively and effectively handle them according to authority and report to competent authorities for appropriate and proper handling measures for issues beyond authority.

Strictly handle violations according to legal regulations, especially acts of gold smuggling across the border, profiteering, speculation, manipulation, taking advantage of price-pushing policies by organizations and individuals... causing instability and insecurity in the gold market.

In case of detecting gold trading activities with signs of violating the law, promptly transfer documents and records to competent authorities for strict, public and transparent handling according to law.

The Ministry of Public Security is required to preside over and coordinate with the State Bank of Vietnam and relevant units to promptly implement measures according to regulations to strictly handle violations of the law related to the gold market and gold trading activities, especially acts of smuggling, manipulation, speculation, and price inflation of gold bars....

The Ministries of Public Security, Industry and Trade, Finance, Justice, Science and Technology, Information and Communications, relevant agencies and localities proactively coordinate closely with the State Bank of Vietnam in managing the gold market.

Moonlight

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