After many directives from the Government, the domestic gold market has had positive changes, but is still unstable and has many potential risks. On March 20, 2024, the Prime Minister continued to issue an Official Dispatch requesting ministries, branches and localities to strengthen measures to manage the gold market, not to "goldenize" the economy , not to negatively impact exchange rates, interest rates, the money market, foreign exchange and national financial and monetary security and safety.
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| People buy gold at Doji Thai Nguyen gold store. Photo: TL |
Recently, the domestic and international gold market situation has been quite complicated. Domestically, gold prices have increased rapidly and fluctuated unpredictably, negatively affecting the national financial and monetary markets.
Taking advantage of the above situation, many people have speculated and inflated prices to manipulate the market for profit. Faced with this situation, the Government has repeatedly directed the State Bank to closely monitor developments in the world and domestic gold markets to advise on implementing stabilization solutions. In particular, it has proactively developed scenarios and plans to regulate the market in accordance with fluctuations in the world and domestic gold situation.
In particular, the Government requires the State Bank to have the most effective solution to manage domestic gold bar prices in compliance with market rules, not allowing too large a gap between domestic and international gold bars.
However, the domestic gold market situation is still unstable, gold prices still fluctuate strongly although the State Bank and relevant agencies have implemented many solutions.
This time, the Prime Minister directed more strongly, with higher and more specific requirements, with the goal of managing and developing a safe, healthy, effective and sustainable gold market. The Prime Minister requested the State Bank to urgently, seriously, fully, promptly and effectively implement tasks and solutions to stabilize the gold market. It is necessary to immediately have a comprehensive assessment plan, thorough analysis, and effective solutions to handle the high difference between domestic and international gold bar prices; determined not to "goldenize" the economy, not to manipulate the gold market. It is necessary to comprehensively review the legal framework, policy mechanisms related to gold bar and jewelry trading activities, promptly propose to competent authorities to adjust and supplement regulations in accordance with the current and long-term practical situation, helping to develop a transparent and healthy market.
Closely coordinate with the authorities to immediately inspect and examine the activities of gold trading enterprises, gold bar distribution and trading establishments and other entities participating in the market. Timely detect loopholes and shortcomings for resolution; strictly handle acts of gold smuggling across the border, profiteering, speculation, manipulation, and taking advantage of price-pushing policies to destabilize and insecure the gold market. If signs of violations are detected, documents and records must be immediately transferred to the authorities for strict, public, and transparent handling according to regulations.
Relevant ministries and branches, especially the Ministry of Public Security, as requested by the Prime Minister, must take the lead, coordinate, promptly detect and strictly handle violations related to the gold market and gold trading activities, especially acts of smuggling, manipulation, speculation and price inflation of gold bars.
It is known that on the evening of March 20, 2024, Deputy Prime Minister Le Minh Khai directly worked with the State Bank and relevant ministries and branches. Here, the Deputy Prime Minister continued to request close monitoring of the supply and demand developments of the domestic and world gold market, and must "correctly diagnose" the disease to have timely and effective response solutions.
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