Soon narrow the gap between domestic and world gold prices

People shop for gold at PNJ jewelry store in Tay Ninh city.

According to the State Bank of Vietnam Tay Ninh Branch, to implement the directions of the Government and the Prime Minister , in the recent past, the State Bank has organized 9 auctions, supplying the market with 48,500 taels of SJC gold, equivalent to more than 1.8 tons of gold.

However, the difference between the domestic SJC gold bar price and the world gold price is still high, about 20%. This shows that, in addition to market factors such as supply-demand relations, the possibility of illegal acts, manipulation, price fixing, causing instability in the gold market cannot be ruled out.

According to the State Bank of Vietnam Tay Ninh Branch, in order to ensure the successful implementation of the market stabilization goal under the direction of the Government and the Prime Minister, on June 3, 2024, the State Bank will sell gold directly to 4 state-owned commercial banks at the price determined by the State Bank based on world prices, so that these banks can sell gold directly to the people.

Accordingly, state-owned commercial banks with their extensive networks have prepared the necessary conditions to organize the direct sale of gold to people in need. The goal is to soon narrow the gap between domestic and world gold prices to a suitable and sustainable level.

Along with the above measures, the State Bank is coordinating with the Ministry of Public Security, the Ministry of Finance, the Ministry of Industry and Trade and the Government Inspectorate to inspect the implementation of policies and laws in gold trading activities for credit institutions and enterprises, and will resolutely and strictly handle violations of the law.

The State Bank of Vietnam, Tay Ninh Branch, said that with abundant resources, the State Bank has the capacity and determination to stabilize the market and achieve the above goal. The gap between domestic and world gold prices will quickly and sustainably narrow.

Therefore, given the complicated developments in domestic and international gold prices, people need to be cautious when participating in gold transactions to minimize risks.

Nhi Tran

Source: https://baotayninh.vn/som-thu-hep-chenh-lech-giua-gia-vang-trong-nuoc-va-the-gioi-a173737.html