State Bank inspects gold market to ensure transparency and stability

(NLDO) – The State Bank will continue to coordinate with ministries and branches to ensure transparency and strictly handle speculation and manipulation of the gold market.

The State Bank has just responded to the petition of voters in An Giang province regarding the control of the difference between domestic and international gold prices; the situation of continuous fluctuations in gold prices and acts of speculation, hoarding and market manipulation.

No control over gold prices

According to the State Bank, Vietnam is not a gold mining country, so the domestic gold supply mainly depends on imports. Therefore, domestic gold prices are influenced by fluctuations in world gold prices.

The agency also said that according to the 2012 Law on Prices and the 2023 revised Law on Prices, gold is not classified as an essential commodity and is not included in the group of goods and services subject to price stabilization. The State Bank will only intervene in the gold market in cases where gold prices fluctuate negatively, affecting the foreign exchange market, exchange rates or monetary policy.

Draft Decree 24 is under review by the Ministry of Justice.

Regarding the gold market management policy, the State Bank has coordinated with ministries and branches to conduct a review of Decree 24/2012 on the management of gold trading activities.

Based on the assessment results, this agency has submitted to the Prime Minister directions for amendments to enhance the effectiveness and sustainability of gold market management. Currently, the draft decree amending Decree 24 is being appraised by the Ministry of Justice.

In the inspection and supervision of gold trading activities, the State Bank has coordinated with the Ministry of Public Security, the Government Inspectorate, the Ministry of Finance and the Ministry of Industry and Trade to inspect compliance with legal regulations.

Continue to strengthen inspection of the gold market

On May 30, this agency announced the conclusion of an interdisciplinary inspection of 6 enterprises and banks that account for more than 90% of the gold bar trading market share. Along with that, the State Bank also directed regional branches to closely coordinate with functional forces to inspect and supervise gold trading activities in the locality.

The State Bank affirmed that it will continue to step up inspection and examination of the gold market in the coming time to ensure the market operates transparently and effectively, while strictly handling acts of speculation, hoarding and price manipulation.

Source: https://nld.com.vn/ngan-hang-nha-nuoc-tiep-tuc-thanh-kiem-tra-thi-truong-vang-196250805080039135.htm