Deputy Prime Minister directs inspection, prevents speculation and manipulation of gold prices

Do not profit, manipulate prices, speculate, or manipulate gold prices. Illustration photo: VGP

The Government Office has just issued Document No. 3332/VPCP-KTTH dated April 18, 2025 conveying the direction of Party Central Committee member and Deputy Prime Minister Ho Duc Phoc on the domestic gold price movement.

Considering the Government Office's quick report on domestic gold price developments on April 18, 2025, Deputy Prime Minister Ho Duc Phoc gave instructions:

The State Bank of Vietnam shall preside over and coordinate with relevant agencies to closely monitor the situation and developments in the domestic and international financial, monetary, foreign exchange, and gold markets to promptly implement solutions as prescribed to stabilize the gold market.

Further strengthen inspection, examination and strict handling of violations according to regulations, not allowing profiteering, manipulation, price fixing, speculation... in the gold market in accordance with the direction of the Government leaders in Official Dispatch No. 1483/VPCP-KTTH dated April 4, 2025.

The Deputy Prime Minister also requested to proactively and immediately implement information and communication measures to stabilize social psychology.

Previously, as Lao Dong reported, the price of gold on April 18 officially surpassed the 120 million VND/tael mark. Gold shops in Hanoi recorded people lining up early to buy.

As of 9:55 a.m., the price of SJC gold bars was listed by major brands such as Saigon Jewelry Company SJC, DOJI, and Bao Tin Minh Chau at 117-120 million VND/tael (buy - sell), an increase of 1.5 million VND/tael for buying and 2 million VND/tael for selling. The difference between the two prices remained high at 3 million VND/tael.

The price of 9999 round gold rings also recorded a sharp increase. DOJI listed the price of Hung Thinh Vuong gold at 114.5-118 million VND/tael, an increase of 500,000 VND/tael for buying and an increase of 1 million VND/tael for selling.

Meanwhile, at Bao Tin Minh Chau, the price of gold rings is at 116.5-119.5 million VND/tael, an increase of 2 million VND/tael in both directions. The price difference is up to 3-3.5 million VND/tael.

According to laodong.vn

Source: https://baodanang.vn/kinhte/202504/pho-thu-tuong-chi-dao-thanh-tra-khong-de-dau-co-thao-tung-gia-vang-4004771/