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

The key driver has been the surge in international gold prices. During the week, spot gold at one point touched US$3,600 per ounce – the highest level in history. When converted at domestic exchange rates, world gold equated to about US$114–115 million per tael.

This rise reflects the unstable global economic context, including escalating geopolitical tensions, recession fears, and expectations that major central banks may continue to loosen monetary policies. Gold, as a “safe-haven asset,” became the destination of investment flows, pushing prices to record highs.

Apart from global influences, the domestic gold market is strongly affected by sentiment. The continuous rally has fueled expectations among the public and investors that prices will rise further.

As a result, demand for hoarding and speculation surged dramatically, creating a “rush to buy.” This second factor pushed domestic prices not only to track but also to far outpace international movements.

Another major reason lies in supply constraints. Recently, the State Bank of Vietnam (SBV) suspended SJC gold sales to adjust management mechanisms under Decree 232. This caused a sharp drop in supply, while demand spiked, widening the gap with global prices.

Many shops have since rationed sales, in some cases limiting purchases to just one-tenth of a tael per customer. This scarcity effect intensified market anxiety and drove prices even higher.

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%.

Notably, the gap between domestic and international prices has reached VND20 million per tael – a rare phenomenon. This poses high risks for buyers, since domestic prices could swing sharply once supply is restored or global prices correct.

In fact, after the Prime Minister instructed authorities to tighten market controls, crack down on hoarding, and prevent price manipulation, free-market gold prices cooled, hovering around VND135 million per tael.

In the short term, many international institutions still forecast that gold could set new records, potentially approaching US$4,000 per ounce. However, given the huge disparity between domestic and global prices, buying gold at this historic high involves significant risks.

For regulators, timely measures are needed to stabilise the market, ensure adequate supply, and curb speculation or manipulation that could disrupt stability.

The central bank says it will work closely with the Ministry of Public Security, the Government Inspectorate, and other relevant agencies to strictly implement the Prime Minister’s directives on gold market management and ensure full compliance with the law.

Most importantly, it is necessary to urgently implement the new gold market management mechanism approved by the Government, emphasised SBV Deputy Governor Doan Thai Son.

PM calls for stronger measures to stabilize gold prices, exchange rates, and cash flow

VOV.VN - Prime Minister Pham Minh Chinh has underlined the need to control gold prices, regulate exchange rates, and manage cash flow, emphasizing prompt and effective responses to ensure macroeconomic stability and sustainable growth.