The State does not encourage trading in gold bars and does not protect gold prices.

According to Deputy Governor Dao Minh Tu, all these issues will be considered in the upcoming amendment to Decree 24/2012/ND-CP issued in 2012 on the management of gold trading activities and will be amended in a way that ensures both management and marketability. The State Bank will implement and seek public opinions in the coming time.

Regarding the proposal to remove the monopoly of SJC gold bars according to the provisions of Decree 24, Deputy Governor Dao Minh Tu said that regardless of the SJC gold brand or many other gold brands, the ultimate goal is to stabilize the gold bar market, ensuring the interests of 100 million people. The interests of the group of gold trading enterprises are very small, the State does not protect the price of gold bars, but always respects the people's rights to buy, sell, preserve and store gold.

At the press conference, Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department (State Bank) affirmed that this is the right time to re-evaluate the goals and policies of gold market management.

According to Mr. Dao Xuan Tuan, Decree 24/2012/ND-CP helps stabilize the macro economy, supports exchange rate management and monetary policy. In fact, over the past ten years, although the gold price has fluctuated, the exchange rate has remained stable, and all activities of the banking sector are no longer affected by the gold market.

In addition, Mr. Tuan said that the State Bank has consulted with experts, associations, ministries and branches and has been assigned by the Government to have a report summarizing and evaluating the gold market management policy in January 2024 and submit it to the Government for direction and approval of policy changes suitable to the new situation.

Deputy Governor Dao Minh Tu also added that the goal of Decree 24 is to prevent the gold-ization of the economy, without affecting the macro-economy. However, amending Decree 24 is necessary because this Decree was issued 11 years ago, has a certain historical role, but economic and social conditions have also changed.

At the end of 2023, domestic gold prices fluctuated abnormally. At times, domestic gold prices were nearly 20 million VND/tael higher than world prices, and the difference between buying and selling prices was extended to 3 million VND/tael.

Faced with this situation, on December 27, Prime Minister Pham Minh Chinh signed Official Dispatch 1426/CD-TTg dated December 27, 2023 on solutions to manage the gold market.

Accordingly, the Prime Minister also assigned the State Bank to conduct a comprehensive assessment of the domestic gold market situation and state management of the gold market, including the contents of production and trading of gold bars, SJC brand gold, gold jewelry, etc. Review the legal framework, mechanisms and policies related to gold market management and gold bar and gold jewelry trading activities, etc., and summarize the implementation of Decree No. 24/2012/ND-CP dated April 3, 2012 of the Government on management of gold trading activities to promptly propose to competent authorities to consider amending and supplementing regulations, ensuring the improvement of the effectiveness and efficiency of state management tools for the gold market, developing a transparent, healthy, effective and sustainable market, to be completed in January 2024.

Immediately after that, the State Bank was also ready to implement a plan to intervene to stabilize the gold market by increasing the supply of SJC gold bars to the market. At the same time, the State Bank is summarizing and evaluating the implementation of Decree 24/2012/ND-CP on the management of gold trading activities; in which, it will propose appropriate solutions to manage the gold market.

This morning, January 3, in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 72 - 75 million VND/tael (buy - sell), keeping the same price for both buying and selling compared to yesterday's closing price. Similarly, Phu Quy Gold and Gemstone Group listed the price of SJC gold at 71 - 75 million VND/tael (buy - sell), keeping the same price for both buying and selling compared to yesterday's closing price. Meanwhile, Saigon Jewelry Company listed the price of SJC gold at 72.5 - 75.52 million VND/tael, up 500 thousand VND/tael for both buying and selling compared to yesterday's closing price.

World gold prices, in the Asian market, rose in the first trading session of the new year 2024, supported by the prospect of interest rate cuts from the US Federal Reserve (Fed). Meanwhile, investors are also waiting for a series of important economic data this week to better grasp the US interest rate outlook. On the morning of the trading session on January 2, in the Bengaluru market (India), the spot gold price increased by 0.3% to 2,068.29 USD/ounce. Gold prices have increased by 13% in 2023, reaching the first annual increase since 2020. US gold futures also increased by 0.3% in the early session, to 2,077.40 USD/ounce.