Sunday , February 25 2024

Central bank urges government to keep closer eye on gold market


The State Bank of Vietnam is concerned about gold speculation and smuggling and wants the government to monitor the market.

It has called on the Ministries of Industry and Trade, Public Security and Finance to look for violations in the trading of gold and gold bullion.

It wants them to examine transaction invoices and prohibit illegal ones.

The central bank said it is prepared to increase the supply of Saigon Jewelry Company gold to the market.

Since 2012 only the central bank has been allowed to manufacture bullion. But there has been no new supply in the last decade, causing prices to repeatedly surge.

Saigon Jewelry Company gold bar price went up 0.39% to VND76.75 million ($2,126.84) per tael Friday morning.

Gold ring price gained 0.24% to VND63.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold ring price gained 0.24% to VND63.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

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