The State Bank is required to have solutions to manage and strictly control activities and transactions in the gold market.
According to the Resolution of the regular meeting in April, the Government assessed that the recent gold market management was inadequate, with high domestic and international prices. This affects growth, inflation control, and macroeconomic stability.
Therefore, the Government requires the State Bank to more promptly implement management solutions and strictly control market transactions. This agency needs to immediately handle the high gap between domestic and international, as well as smuggling, speculation, and price manipulation.
In fact, this direction was repeatedly given by the Government and Prime Minister to the banking industry in the context of precious metals skyrocketing, despite the operator bidding to increase supply to the market.
This morning, the price of SJC gold bars increased to 92 million VND per tael, the highest ever. The difference between buying and selling prices is maintained by the business at more than 2 million VND.
Domestic gold skyrocketed, so the gap with the world also widened, about 18.5 million VND per tael.
About 6,800 taels of gold bars were purchased by the enterprise from the State Bank after 5 bids. This level accounts for about 8% of the total number of bids invited by the management agency.
Contrary to expectations of reducing precious metal heat through auctions, prices continuously reached new peaks and trading was active. According to experts, to reduce the difference with international prices, operators need to sell at prices similar to or lower than domestic prices. Because high bidding prices further stimulate people’s hoarding mentality, making the goal of drawing closer to the world difficult to achieve.
And Mr. Pham Van Thinh, Member of the Economic Committee, acknowledged that if strictly managing the transaction volume of selling points will avoid manipulation of gold prices. According to him, current technology allows recording the volume of gold sold in stores, so management is not too difficult.
In the Resolution, the Government also requested ministries and localities to closely monitor domestic and international developments to have policy responses and promptly remove problems for businesses and people. Goods managed by the State, such as electricity, gasoline, medical services… need to carefully assess the impact, roadmap and appropriate adjustment time.