In response to recent fluctuations in domestic gold prices, the State Bank of Vietnam (SBV) – Zone 2 Branch (overseeing Ho Chi Minh City and Dong Nai) has issued a directive urging relevant departments to strengthen coordination in managing, inspecting, and supervising gold trading activities.
Specifically, SBV Zone 2 has requested agencies such as the Inspectorate, Police, Department of Industry and Trade, Department of Science and Technology, and Tax Department of Ho Chi Minh City and Dong Nai to jointly inspect gold shops, bullion trading establishments, and gold jewelry manufacturers. The focus is on bustling trading areas or those showing unusual transaction, invoice, or documentation patterns.
Enhanced inspections, aligned with each agency’s regulatory functions, are essential to promptly mitigate risks associated with speculation, price manipulation, and profiteering. Authorities are urged to conduct thematic inspections and closely monitor compliance with regulations on price display, gold origin, and foreign currency transactions.
Additionally, these inspections aim to ensure adherence to Decree 23 and Circular 34 issued by the Government and SBV. SBV Zone 2’s ultimate goal is to maintain a stable, transparent gold market that does not negatively impact macroeconomic stability or economic growth.
SBV Zone 2 mandates inspections of gold shops, particularly in active areas or those with irregular transaction and invoice patterns.
According to SBV Zone 2, from late August to October 17, domestic gold prices surged by 18.3%, while global gold prices rose by 27.8%. The primary drivers include global economic uncertainties, a weakening USD, and expectations of further gold price increases. Notably, the agency does not rule out the possibility of businesses and individuals exploiting market volatility for speculative activities, price manipulation, and profiteering.
As of 9:00 AM on October 20, Saigon Jewelry Company (SJC) listed SJC gold bars at VND 150 million/tael for buying and VND 151 million/tael for selling. The selling price remained stable compared to the previous day, while the buying price increased by VND 500,000.
This pricing is also reflected by companies such as PNJ, DOJI, Bao Tin Minh Chau, and banks including Eximbank, ACB, and Sacombank.
For the first time, the buy-sell spread narrowed to VND 1 million/tael, down from the typical VND 2-3 million spread observed in recent months.
At 7:30 AM on October 20 (Vietnam time), global gold prices traded at USD 4,223/ounce, shedding nearly USD 30/ounce from the previous session’s close. Earlier, during the final session of the week, gold prices plummeted by over USD 100/ounce, retreating sharply from the record high of USD 4,380/ounce. Intraday volatility reached USD 200/ounce, the largest since May.
Intense profit-taking pressures persist, driving precious metals downward in international markets. Previously, experts had warned that gold’s rapid short-term rally would face significant correction pressures.
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