Illustrative image (Photo: VNA) This is one of the bold solutions raised by the SBV after PrimeMinister Pham Minh Chinh asked for prompt efforts to be taken to stabilise thedomestic gold market, ensuring its transparent, healthy and efficientoperation.
For the gold jewellery segment, the SBV will strive to ensure rawmaterials for production and export.
In addition, the SBV will increase cooperation with relevantministries and agencies to ask enterprises to issue e-invoices for everytransaction which will help improve transparency of the domestic gold market aswell as the management efficiency, Ha said.
The supervision will also be enhanced to prevent smuggling ofgold, speculation and gold price manipulation.
Inspection on the gold business of enterprises and creditinstitutions will be carried out this month, he stressed.
The SBV has proposed amendments to Decree 24 on gold businessmanagement towards ensuring on-track development of the domestic gold marketand efficiency in management.
The domestic gold prices have increased strongly recently to setnew records, widening the gap with the global prices.
SJC gold prices were listed at 82.8 million VND (3,310 USD) forbuying and 84.8 million VND for selling per tael at 3pm on April 12 to set newrecords, an increase 900,000 VND per tael compared to the April 11 tradingsession.
SJC gold buying prices have increased by 17.5% and selling pricesby 15.4% since the beginning of this year.
At Bao Tin Minh Chau, plain gold rings are listed at 75.78 millionVND for buying and 77.68 million VND per for selling per tael, an increase by 1.3million VND per tael over April 11 closing.
On Kitco.com, gold spot price increased 1.17% to 2,399.20 USD pertael as of 3.05pm (local time). The bullion hit an all-time high for an eighthstraight session on April 9.
Bullion prices hit an all-time high for an eighth straight sessionon April 9 after softer-than-expected US producer prices data boosted hope forUS rate cuts this year. Year on year, gold is up around 16% as central banksare stocking gold, seeing gold as a safe haven during time of economic and internationalturmoil.
At a recent meeting about gold market, the PM asked the SBV topromptly implement solutions effectively manage the gold market, especiallyhandling the existing huge gaps between SJC gold prices with the world prices.
The focus will be on ensuring supply of raw materials for theproduction and gold bullion and jewellery and increasing the export of goldjewellery.
The PM also asked inspections to be enhanced on gold business toprevent smuggling, speculation and price manipulation. Violations must bestrictly handled./.
VNA
