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Central bank urges caution in gold trading

The central bank has warned people to take caution when trading gold amid the strong fluctuations of the precious metal.
Central bank urges caution in gold trading ảnh 1The central bank always closely monitors gold market developments. (Photo: VNA)
Hanoi (VNA) – The central bank has warnedpeople to take caution when trading gold amid the strong fluctuations of theprecious metal.

Dao Xuan Tuan, Director of the State Bank of Vietnam(SBV)’s Department of Foreign Exchange Management, noted that the bank has preparedmeasures to stabilise the domestic gold market, referring to the increase of SJC-brandedgold bullion supply.

The central bank always closely monitors market developmentsand is ready to take solutions to stabilise it in order to minimise the impactsof gold price fluctuations on exchange rates, inflation and macroeconomicstability, he affirmed.

It will continue coordinating with the Ministry ofPublic Security and other relevant ministries and agencies to intensifyinspections over gold business, Tuan continued.

The price of gold bullions in Vietnam had skyrocketedover the past weeks, even peaking at 83 million VND (3,419 USD) per tael. Thedifference between domestic and world gold prices has continuously expanded inrecent days, reaching nearly 20 million VND per tael at certain moments.

Given this, Prime Minister Pham Minh Chinh has issueda dispatch asking for measures to strengthen the management of the domesticgold market.

He ordered relevant agencies to work with the SBV toimmediately roll out measures to strictly handle violations, especiallysmuggling, manipulation and speculation, ensuring a stable, transparent, safe,healthy and effective domestic gold market./.
VNA
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