State Bank will strengthen inspection of gold trading activities

Domestic gold price "follows" world price

The State Bank said that domestic gold prices depend largely on world gold prices. In recent times, this agency has had many solutions to manage the gold market.

According to report No. 145/BC-NHNN sent by the State Bank to the National Assembly , by April 23, 2025, the difference between the domestic and world converted SJC gold bar prices had skyrocketed to about 14.48 million VND/tael, equivalent to about 13.62%.

Giá vàng đột ngột giảm mạnh, nhà đầu tư hoang mang

Domestic gold prices depend largely on world gold prices. Photo: Duy Minh

Previously, after many solutions to stabilize the market, by the end of 2024, the difference between domestic and international gold prices had decreased sharply from about 25% to about 5-7%, equivalent to 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 continuously set new peaks.

The State Bank pointed out that the main cause 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...

Domestically, the price of SJC gold bars has moved in the same direction as the world price, but the rate of increase is faster due to the impact of the expectation that gold prices will continue to increase, the supply of gold bars has not been supplemented since the beginning of the year. Along with that is the possibility of speculation and price inflation from some organizations and individuals for profit.

Strengthen inspection of gold trading activities

According to the State Bank, although the gold market has fluctuated strongly, it has not had a negative impact on the management of monetary policy and macroeconomic stability. However, the operator also frankly acknowledged that the gold market has not yet achieved a state of sustainable stability, and is still greatly influenced by the psychology and expectations of people and investors, posing potential risks to the currency and foreign exchange markets. Therefore, in addition to technical and administrative solutions from the State Bank, stabilizing the gold market fundamentally and long-term requires synchronous coordination between 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.

Firstly, continue to promote communication work to provide complete and timely policy information, helping to stabilize market psychology.

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. Thereby, 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.

Last year, the State Bank inspected four large gold trading enterprises: SJC, DOJI, PNJ, Bao Tin Minh Chau and two banks: TPBank and Eximbank. The inspection took place in the context of gold prices at that time continuously increasing, the gap with world prices widening even though the management agency conducted bidding to increase supply to the market.

Thuy Linh

Source: https://congthuong.vn/ngan-hang-nha-nuoc-se-tang-cuong-thanh-tra-hoat-dong-kinh-doanh-vang-386333.html