Vietnam's Central Bank ordered to stabilise gold market
People queue to buy gold in front of Bao Tin Minh Chau's gold store in Hanoi on May 10. Gold prices hit an unprecedented high of VNĐ92.4 million (equivalent to US$3,630) per tael on May 10. - Photo: VNA/VNS
HANOI: (Bernama-Xinhua) Vietnamese Prime Minister Pham Minh Chinh has directed the State Bank of Vietnam (SBV) to take measures to stabilise the gold market, following sharp fluctuations in domestic gold prices and a widening gap between domestic and global rates, reported Xinhua quoting the Vietnam News Agency on Wednesday (May 14).
The SBV has been tasked with ensuring that gold price volatility does not undermine the stability and safety of the country's financial and monetary systems, the state owned media quoted Chinh as saying.
Vietnam's gold prices hit a historic high on April 22, 2025, when Saigon Jewelry Company (SJC) gold bars surged to 122.5 million Vietnamese dong per tael (approximately US$4,721).
On Wednesday, SJC gold bar prices were listed at around 118 million Vietnamese dong (US$4,548) for sellers and 120 million Vietnamese dong (US$4,625) for buyers. - Bernama-Xinhua
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