The State Bank of Vietnam (SBV) has issued a new regulation on management of gold bar production to stabilise the gold market.

The State does not encourage the trading of gold bars, protect their prices, nor accept too large differences between domestic and global gold prices, and between SJC and other types of gold bars, said Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.

VOV.VN - Along with gold, various trending products have been put on sale to take advantage of increasing demand on the God of Wealth Day, which falls on the 10th day of the Lunar New Year, or January 31 this year.

VOV.VN - Local consumption demand for gold during the third quarter of the year reached 12 tonnes, marking an increase of 264% compared to the same period from last year, according to the latest report from the World Gold Council (WGC).

VOV.VN - The domestic gold market has gone wild during the past few days, with gold bar prices nosediving to VND67 million/tael after reaching all-time high of VND74 million within days.

VOV.VN - After skyrocketing to VND74.2 million per tael on March 8 morning, domestic gold prices tumbled sharply to VND72.5 million just in two hours.

VOV.VN - Local gold prices continued to break new records on March 5, passing historical highs seen over recent days to reach VND69.22 million per tael.

VOV.VN - Vietnam’s exports of gems and precious metals during the first half of this year increased by 58.1% to US$909.21 million in comparison with the same period last year, according to the General Department of Vietnam Customs.

VOV.VN - Masses of people nationwide have been flocking to jewellery shops in order to sell the precious metal to cash in on the increasing trend of gold prices reaching an all-time high of VND62 million per tael.