Gold prices rise, trading remains subdued.

Recently, domestic gold prices have been continuously setting new records, far exceeding 120 million VND per tael. This has caused a real "frenzy" in the market, attracting the attention of both the public and investors.

Gold prices rose, but trading remained relatively quiet. Photo: THANH LAN

According to observations at major gold shops in Da Nang in recent days, despite the high price of gold, the number of customers has not increased. However, it is noteworthy that branded stores such as SJC, PNJ, and DOJI are not selling gold rings or gold bars, only gold jewelry.

On August 28th, domestic gold prices surged again, with the gold market continuing to witness a strong upward trend, pushing both SJC gold bars and gold rings to new record highs. SJC gold reached a peak of 128 million VND/ounce, and gold rings hit 123 million VND/ounce, a difference of nearly 20 million VND compared to the world market .

Ms. Vi Lan (residing on Vo Nguyen Giap Street, Ngu Hanh Son Ward) said: "Currently, I have some spare money and want to invest in gold for profit, but for the past week, I've visited several large gold and silver shops and they all say they don't have any in stock."

Gold bars from major brands were listed around 126-128 million VND/ounce (buy-sell) on the morning of August 28th, an increase of 300,000 VND per ounce compared to August 27th. This is the highest price ever, setting a new record for the SJC brand. Large businesses such as DOJI and PNJ also simultaneously adjusted their selling prices to 128 million VND/ounce, showing a simultaneous upward trend across the market. Not only gold bars, but gold rings also recorded a notable jump, with a similar increase.

Acting as gold investors, we visited several gold, silver, and gemstone shops over the past few days, such as DOJI on Tran Phu Street, SJC on Hung Vuong Street, and PNJ on Nguyen Van Thoai Street, inquiring about buying gold bars. However, all the shops reported that they only had gold jewelry; gold bars had been unavailable for several days. When we questioned why there was no supply, we were told that the high price of gold meant there were no sellers.

Gold prices rose, but trading volume remained low. Photo: GIA MINH

On August 26, 2025, the Government issued Decree No. 232/2025/ND-CP amending and supplementing a number of articles of Decree No. 24/2012/ND-CP on the management of gold business activities. This Decree officially abolishes the State's monopoly mechanism for the production of gold bars, export, and import of raw gold for the production of gold bars.

The decree also marks a significant turning point in the management of the gold market. Accordingly, the market will have more commercial banks and businesses that meet the requirements to import gold and produce gold bars.

In fact, compared to the beginning of August 2025, each SJC gold bar has increased by 5-6.2 million VND, with the selling price increasing by 6.3 million VND. Thus, in less than a month, the price of gold has increased by more than 5%. Compared to the beginning of the year, the price of gold has increased by 44-45 million VND per tael, equivalent to an increase of more than 53%.

According to financial experts, to address this situation, it is crucial to have a transparent gold market and a stable supply. Regulatory bodies need clear policies to ensure a balance between supply and demand, preventing speculation and price manipulation.

In addition, providing accurate and timely information about the gold market is also essential. People need to be equipped with knowledge to make sound investment decisions, instead of following the crowd mentality, thus avoiding unnecessary risks.

Gold has long played a significant role in Vietnam's economy and culture. It is not only a safe investment and asset storage channel but also a symbol of wealth and prosperity.

However, the domestic gold market has recently faced a problem: a gold monopoly, especially for SJC gold bars. This situation not only causes price instability but also poses many risks, hindering the healthy development of the market.

Therefore, eliminating the monopoly under Decree No. 232/2025/ND-CP is an important step towards breaking down the uncompetitive market structure, opening up opportunities for more businesses to participate, and gradually eliminating factors hindering the development of the gold market.

At the same time, stricter regulations on bank transactions and electronic invoices will create an additional layer of supervision, prevent manipulation, and increase market transparency.

Eliminate the monopoly mechanism for producing gold bars.

On August 26th, the Government issued Decree No. 232/2025/ND-CP amending and supplementing a number of articles of Decree No. 24/2012/ND-CP dated April 3, 2012 of the Government on the management of gold trading activities.

According to the decree, gold bars are gold products stamped into bars, marked with letters and numbers indicating weight and quality, and bearing the hallmarks of businesses and commercial banks authorized by the State Bank of Vietnam to produce them; gold bars are produced by the State Bank of Vietnam in each period. Thus, the state no longer has a monopoly on gold bar production; instead, the regulatory body will license this activity to qualified businesses and banks.

Banks and businesses wishing to obtain a license to produce gold bars must possess a license to buy and sell this commodity. They must also meet capital requirements: at least VND 1,000 billion for businesses and at least VND 50,000 billion for banks. The application process and procedures for granting gold bar production licenses will be regulated by the Governor of the State Bank of Vietnam. This aims to ensure that businesses and banks producing gold bars are experienced, financially capable, and compliant with the law.

The decree also adds a regulation stating that payments for the purchase and sale of gold worth 20 million VND or more in a single day by a single customer must be made through the customer's payment account and the gold trading business's payment account opened at a commercial bank or a branch of a foreign bank.

MINH LE

Source: https://baodanang.vn/vang-tang-gia-giao-dich-tram-lang-3300628.html