Face risks from the policy in the next 10 days
According to Vietnamnet's update, by 20:00 p.m. on March 19 (Vietnam time), today's spot gold price on the world market dropped to 3 USD/ounce. Gold delivered in June 2.157 on the Comex New York floor is at 6 USD/ounce.
The world gold price on the night of March 19 was about 3% (4,6 USD/ounce) higher than at the end of 94. World gold converted to bank dollars was priced at 2023 million VND/tael, including taxes and fees. fee, about 65,4 million dong/tael lower than the domestic gold price by the end of the afternoon session on March 16,1.
Gold prices in the world are declining and are moving towards the sensitive threshold of 2.150 USD/ounce and could plummet if this very strong support level is penetrated.
Investors are currently quite cautious with gold, especially in the last 10 days of March.
Domestically, SJC gold bars and gold rings also face policy risks. Accordingly, investors are currently quite cautious with gold, especially in the last 10 days of March. Recently, the pressure to take profits on this commodity is quite large.
This morning, domestic gold prices simultaneously decreased again, while USD prices continued to increase. Recorded by the Laborer at 8:30 a.m. on March 20, the SJC gold price listed by SJC Company was purchased at 3 million VND/tael, sold at 79,7 million VND/tael, down 81,7 VND per tael compared to the morning. Yesterday.
Some other businesses trade SJC gold at lower levels, such as PNJ Company selling for 81,5 million VND/tael, DOJI Group selling for 81,6 million VND/tael. The difference between buying and selling prices is maintained at a high level of about 2 million VND/tael.
Recently, gold prices have been continuously "dancing" causing investors to be caught off guard and also becoming a "hot" issue discussed in the National Assembly. Specifically, at the question and answer session for a group of issues in the financial sector on March 18, many National Assembly delegates proposed solutions to manage the gold market and the sharp fluctuations in USD prices over time. via.
Delegate Huynh Thi Phuc (Ba Ria - Vung Tau Delegation) reflected that in recent times, many cases of smuggling and tax evasion across the border have been very complex and sophisticated involving gold and foreign currencies, affecting the market. Vietnam. Delegates requested the Minister of Finance to clarify solutions to control the gold and foreign currency markets.
Minister of Finance Ho Duc Phoc said this field belongs to the management of the State Bank. With the function of fighting smuggling and trade fraud, the Ministry of Finance manages border areas so that when Vietnam's gold and foreign currency prices increase, smuggled goods do not sneak in.
Minister Ho Duc Phoc informed that the Ministry has tightened border gates to manage this amount of gold and foreign currency. Recently, a number of cases of transferring USD and foreign currencies domestically and abroad have been caught, such as transferring 1,6 billion USD to Korea or currently investigating and handling 3.700 billion VND or 1 million USD in fake transfers by air. . "We are tightening this issue," Mr. Phoc said.
Regarding methods of controlling gold and USD prices, the Minister stated that a series of solutions must be synchronously deployed. Specifically, the price of gold is related to the supply and demand situation, related to import and export. “Should we tighten gold trading or not? Or how to tighten trading, should we import gold? These are the questions being asked,” the Minister stated.
Should gold be listed on the exchange?
Previously, the State Bank said that this agency would evaluate and make additional amendments to Decree 24 (2012) on gold market management in the first quarter and take measures to stabilize this market. .
Regarding the issue of amending Decree 24/2012/ND-CP, in order to solve the problem of normalizing the gold market in the face of past and existing policy uncertainties, many opinions have proposed that this position should be eliminated. Exclusively trading gold bars and establishing a gold trading floor. In fact, the story of establishing a gold exchange has been mentioned for many years, but until now, this issue is still "open."
Many opinions believe that a gold trading floor should be established.
Some experts believe that instead of having to buy and sell physical gold as currently, a gold exchange should be established, from which gold holders can deposit gold in licensed units, open trading accounts and Make purchases and sales on it. The Gold Exchange will standardize the gold market, avoiding the phenomenon of group interests in gold trading activities. When there is an operating gold exchange, the market will develop more transparent and civilized.
The gold price is constantly "dancing" and the monopoly of the SJC gold bar brand shows that it is time to return gold to the operating market and the State Bank only monitors the volume and price when necessary.
Talking with Vietnam+, Prof.Dr. Hoang Van Cuong, Member of the National Assembly's Finance and Budget Committee, when putting gold into market transactions and public order matching, anyone participating will immediately know how many sellers and buyers there are in the market... Transparent information helps participants in this market make more informed decisions, especially the State has better control.
Another important point pointed out by Mr. Cuong is that if there is a gold market with trading accounts on the floor, connecting to the world market will be easy, it is not necessary to import, but you can place buy and sell orders. can immediately exchange world gold, which creates price balance with the world trading market.
According to Mr. Cuong, when establishing a gold exchange, it is necessary to consider what the model will be like. At the primary floor level, only a few very professional traders can trade there and through international connections, while the secondary floor provided for retail purchases, can be freely bought and sold domestically, so that we can prevent risks. Besides, building a legal framework for control, information technology to ensure goods on the floor... These are the issues we need to pay attention to to create a legal framework and operating conditions for development. Both the physical gold market and the on-exchange gold market are healthy.
Economic expert Dinh Trong Thinh said that establishing a gold trading floor is also necessary, but not the main goal. The problem is that we must rectify the operation of the gold market as part of financial and monetary activities, so that gold management ensures that it meets the state's requirements to avoid "goldenization of the economy". "avoid putting gold into a series of currencies in the market while ensuring the requirements for production and use of gold among the people; thereby creating openness in gold production and trading activities. This is the goal we need to aim for, instead of simply setting up a gold trading floor.
The government requests urgent inspection of the gold market
Regarding gold market management, the Government Office has just sent a document to the Governor of the State Bank on the progress of implementing gold market management solutions based on the State Bank's report at the end of the month. 2 on the progress of implementing gold market management solutions.
Specifically, the document requests the State Bank to preside over and coordinate with relevant agencies to urgently implement seriously, fully, effectively, and promptly the tasks and solutions to stabilize the gold market assigned at the State Bank. telegrams and directives of the Prime Minister and official dispatches of the Government Office.
At the same time, the State Bank closely coordinates with relevant agencies to urgently carry out inspection, examination, control, and supervision closely, comprehensively, with focus and focus on the market. golden school.
Associated with that is the supervision and inspection of the activities of gold trading enterprises, stores, gold bar trading and distribution agents and other entities participating in the market.
The goal is to ensure stability, stability and safety of the gold market, contributing to limiting the goldification of the economy. At the same time, ensuring national financial and monetary security and developing a safe, healthy, effective and sustainable gold market. These tasks are required to report to the Prime Minister the results of handling in March 3.
M.Vy (T/h)
