In a dispatch dated September 8, Deputy Prime Minister Nguyen Hoa Binh requested that the inspection team collaborate with the Ministry of Industry and Trade, the Ministry of Finance, the Ministry of Public Security, and the State Bank of Vietnam to audit compliance with policies and laws by credit institutions and gold trading businesses.

The inspection will focus on issues such as anti-money laundering, the issuance and use of invoices and documents related to gold trading activities, and other relevant matters.

This move aims to clarify the causes behind the abnormal fluctuations in gold prices, while also controlling behaviours that may destabilize the market, such as speculation and price manipulation, which could affect the interests of the public and the economy.

The Deputy PM also ordered the State Bank of Vietnam to intensify management efforts to ensure a safe, healthy, efficient, and sustainable gold market, preventing gold price fluctuations from destabilising the financial and monetary markets or the macroeconomy. The State Bank must report weekly by 11 a.m. every Friday to the Prime Minister and the Deputy Prime Minister on market developments.

The Ministry of Public Security was tasked with directing relevant forces to promptly and strictly handle violations related to the gold market, particularly smuggling, fraud, tax evasion, speculation, illegal trading, hoarding, and market manipulation.

Earlier, at a regular Government meeting for August, Prime Minister Pham Minh Chinh emphasised the seriousness of the gold price volatility and ordered relevant agencies to act decisively to prevent market manipulation, hoarding, and price inflation.

The Prime Minister also instructed strict control of gold and US$ prices through existing tools and urged agencies to report promptly if further measures are needed.

In another dispatch dated September 7 on the fiscal and monetary policy, the Prime Minister directed the State Bank to closely monitor international and domestic gold prices and implement timely measures to stabilise the gold market, reduce the gap between domestic and world prices, and avoid adverse effects on the monetary market and macroeconomy.

Last week, Vietnam’s gold market witnessed unprecedented developments as SJC gold bars soared above VND135 million per tael, setting a new record and leaving far behind the converted price from the global market.

This sharp surge stems from several intertwined factors, most notably global market fluctuations, investor sentiment, and limited domestic supply.

Statistics show since the beginning of this year, SJC gold bars have set new records 17 times, gaining nearly VND51 million VND per tael, equivalent to a net increase of 61%.

Following the Prime Minister’s instructions, free-market gold prices cooled, hovering around VND135 million per tael. SJC gold in Hanoi and Da Nang was quoted at VND133.1 million per tael for buying (down VND800,000) and VND135.1 million per tael for selling (down VND300,000).

Why have domestic gold prices gone wild?

VOV.VN - Last week, Vietnam’s gold market witnessed unprecedented developments as SJC gold bars soared above VND135 million per tael, setting a new record and leaving far behind the converted price from the global market.