Deputy PM Le Minh Khai urges inspecting rapid advancement on gold market: Deputy Prime Minister Le Minh Khai speaks at a meeting discussing gold market management measures in Hanoi on May 14, 2024. (Photo: baochinhphu.vn)

Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha reported on the domestic and global gold market situation, state management of the gold market, gold bar auction to stabilise prices, and the implementation of government directives and leadership in managing gold prices.

Participants focused their discussion on the global gold price trends, and domestic gold prices, and analysed reasons for the price difference of SJC-branded gold bars domestically compared to the global gold price. They proposed short-term and long-term solutions to managing the gold market.

They suggested that the State Bank must take responsibility for stabilising the market, creating a level playing field to ensure the harmony of interests among stakeholders. They also proposed strictly addressing legal violations, speculation, and manipulation in the gold market.

They underlined the urgency to take synchronised solutions both in increasing supply and enhancing inspection, monitoring, and handling violations to make the gold market stable.

In implementing the Prime Minister's instruction on inspection over the gold market, the SBV representative said that the cental bank has proposed the establishment of an inter-sectoral inspection delegation with the participation of representatives from the Ministry of Public Security, the Government Inspectorate, the Ministry of Industry and Trade, and the Ministry of Finance. An inspection decision is expected to be issued next week.

The inspection will focus on clarifying and strictly handling violations related to gold speculation and price manipulation, SBV Deputy Governor Pham Quang Dung said, adding that the work will help propose optimal solutions to effectively manage the gold market in the coming time.

Deputy PM Khai urged relevant ministries, sectors and localities to promptly implement measures to address the current shortcomings of the gold market, toward stabilising the price of gold bars.

He demanded that an inspection decision must be announced no later than the end of this week.