People line up to buy gold at an Agribank branch in Hà Nội. The State Bank of Việt Nam has urged the Ministry of Public Security to handle violations related to spreading false news, profiteering or manipulating the gold market. — VNA/VNS Photo Hoàng Hiếu
The State Bank of Việt Nam (SBV) has urged the Ministry of Public Security to verify and strictly handle violations related to spreading false news, speculating, profiteering or manipulating the gold market.
In a document sent to the Ministry of Public Security on gold market management, the SBV urges strong security at gold selling points – namely, State-owned commercial banks and Saigon Jewelry Company Ltd. (SJC) – to prevent people with bad intentions from hiring others to line up to collect gold, causing disorder.
The SBV said that false information that it does not have enough gold to sell to the market is spreading, causing chaos. At several gold selling points, people are being hired to line up to buy gold, with an aim of pushing up prices and pocketing the difference, resulting in market instability and damage to the economy.
The central bank has sold SJC-banded gold bars on the market through four State-owned commercial banks – Agribank, BIDV, Vietcombank and Vietinbank – as well as the SJC since June 3. The four commercial banks only sell gold bars to individual buyers, while the SJC can sell and buy.
This measure has helped cool down gold prices domestically and narrow the gap with the price of gold worldwide.
SJC prices have dropped a total of VNĐ4 million per tael to VNĐ74.98 million (US$2,948) for buying and VNĐ76.98 million for selling since the measure was implemented.
The price of SJC gold has fallen more than VNĐ15 million per tael from a record high of VNĐ92.4 million in May.
The gap between domestic and global prices of gold has narrowed to more than VNĐ5 million from around VNĐ17 million last month.
Vietcombank on Monday opened four more locations to sell SJC gold bars. The bank now has 10 gold bar selling points in Hà Nội and HCM City.
Agribank has also opened additional two locations in HCM City and three in Hà Nội, bringing the bank’s total number of selling points to nine. — VNS