SJC and Doji quoted gold bars at VND 129.5-132.8 million per tael, down VND 800,000-500,000 from early morning levels. Gold rings also lost ground, with Doji trading at VND 127-130 million per tael, VND 500,000 lower than earlier in the day.

On the global market, gold prices remained above US$3,600 per ounce, slipping slightly to US$3,634.

The decline followed the State Bank of Vietnam’s (SBV) announcement of Decree No. 232, which revises the Government’s regulations on gold trading. The new rules end the state monopoly on gold bar branding and allow expanded production and raw gold imports, with the aim of diversifying supply, narrowing the gap with global prices, and boosting transparency. The SBV also urged consumers to trade only with licensed dealers and request full e-invoices to protect their rights.

One day earlier, Deputy Prime Minister Ho Duc Phoc signed an official telegram instructing the SBV to report on the situation and propose management solutions for the currency, gold, and stock markets. He also tasked the Ministry of Finance with assessing the securities market and submitting management solutions. Reports must be delivered to the Prime Minister and Deputy Prime Minister before September 15.

Domestic gold prices hit record high despite global drop

VOV.VN - Domestic gold prices in Vietnam soared to a record high on the morning of September 5, defying a drop in global gold rates.