In a directive issued on October 19, the SBV’s Region 2 Branch, which oversees both localities, instructed authorities to step up oversight of gold trading activities to ensure "market stability, transparency, and compliance with regulations."

The SBV called on provincial and municipal inspectorates, departments of Industry and Trade, Science and Technology, police, and tax authorities to jointly inspect gold shops and businesses involved in bullion trading and jewelry production, particularly in bustling commercial areas or at locations showing irregularities in transactions and invoicing.

Authorities were urged to conduct thematic inspections and monitor compliance with rules on price listing, gold origin documentation, and foreign exchange transactions.

The move aims to prevent speculation, market manipulation, and profiteering from price differentials, according to the central bank.

Since late August 2025, both global gold prices and domestic SJC-branded bullion have surged sharply, repeatedly setting new records.

The spike has triggered a wave of retail buying, with long queues forming outside major gold retailers as consumers scramble to purchase small quantities amid tightening supply.

The SBV’s regional office said the persistent rise in domestic gold prices mirrors global movements influenced by trade tensions, US tariff policies, and a weakening dollar.

Low interest rates and limited supply have also fueled expectations of further increases, prompting a rush into gold.

Regulators cautioned that some businesses and individuals may be exploiting recent fluctuations to engage in speculative or manipulative practices, causing instability in the market.

The inspections are part of a broader nationwide effort ordered by Permanent Deputy Prime Minister Nguyen Hoa Binh to strengthen oversight of gold trading, credit institutions, and anti-money laundering compliance. 

The Government Inspectorate, along with key ministries and the SBV, has been tasked with coordinating inspection teams and promptly referring any violations to the Ministry of Public Security for investigation.

The SBV has also urged the public to buy and sell gold only through licensed entities and to request e-invoices and documentation to protect their rights. 

Under the a new Government decree on gold trading management, the State monopoly on gold bars has been lifted, allowing qualified entities to participate in the market. 

The move aims to boost supply and narrow the widening gap between domestic and international gold prices.

Domestic gold prices keep soaring amid global market surge

VOV.VN - Domestic prices of gold bars and rings again rose to historic peaks on the morning of October 16 as global rates keep going up.