After the Prime Minister's telegram, domestic gold price dropped "shockingly" by 4 million VND/tael.

In the afternoon session of December 28, the price of SJC gold dropped sharply by 4 million VND/tael compared to the morning of the same day. At 2:50 p.m., the selling price of SJC gold was 76 million VND/tael compared to the highest price in the morning of 80 million VND/tael.

In just over 2 hours, Saigon Jewelry Company adjusted the gold price down 7 times, with a decrease of 100,000 VND to 1.2 million VND each time.

The SJC gold price traded at Saigon Jewelry Company is 73 - 76 million VND/tael, down 3.8 million VND/tael compared to early morning of December 28.

Phu Quy Company adjusted down 3.6 million VND/tael, currently this company is trading around 72.2 - 76 million VND/tael. In addition, gold and silver trading companies such as Doji Hanoi, Doji Ho Chi Minh City, Phu Quy Company also made similar adjustments with adjustment levels from 200,000 - 850,000 VND/tael.

Accordingly, the price of SJC gold traded at Doji Hanoi Company and Doji Ho Chi Minh City Company is 72 - 76 million VND/tael (buy - sell), down 3.8 million VND/tael compared to the opening price on the morning of December 28.

The difference in buying and selling prices was widened by businesses from 1.8 million VND to 3 million VND/tael, 800,000 VND to 2 million VND/tael higher than the previous session.

Bao Tin Minh Chau Company announced the price of Rong Thang Long gold from 63.03 - 64.13 million VND/tael (buy/sell), down 300,000 VND/tael.

The sharp decline in the domestic market is somewhat opposite to the world. The international gold price on the afternoon of December 28 was trading at 2,086 USD/ounce, up 0.43%.

Recently, the world and domestic gold markets have been complicated, domestic gold prices have fluctuated strongly and increased rapidly, negatively affecting the safety of the financial and monetary markets and social psychology.

To stabilize and develop a safe, healthy, effective and sustainable gold market, the Prime Minister has just issued Official Dispatch No. 1426/CD-TTg requesting the State Bank of Vietnam (SBV) to closely monitor the developments in world and domestic gold prices to promptly take appropriate measures in accordance with regulations to stabilize the gold market.

"Proactively develop scenarios and plans to respond to fluctuations in world and domestic gold prices to prepare handling measures, use appropriate, effective and timely tools within authority, contributing to promoting socio-economic development, stabilizing the macro-economy, absolutely not allowing the 'goldenization' of the economy, not allowing negative impacts on exchange rates, interest rates, the money market, foreign exchange and national financial and monetary security and safety" is the content of the Prime Minister's direction to the State Bank.

The Head of Government requested urgent and effective solutions to manage and regulate domestic gold bar prices according to market principles, not allowing the gap between domestic and international gold bar prices to remain high as in the past, negatively affecting macroeconomic management. The State Bank must report on implementation results in January 2024.

The State Bank needs to strengthen inspection, examination, control, and strict, comprehensive, focused, and key supervision of the gold market, the activities of gold trading enterprises, stores, agents distributing and trading gold bars, and other entities participating in the market.

In addition, promptly detect loopholes and shortcomings to proactively, positively and effectively handle them according to authority and report issues beyond authority, propose to competent authorities appropriate handling measures in accordance with regulations.

The Prime Minister also noted the strict handling of violations according to the law, especially acts of smuggling, profiteering, speculation, manipulation, and taking advantage of price-pushing policies by organizations and individuals... causing instability and insecurity in the gold market. "In case of detecting gold trading activities with signs of violating the law, promptly transfer documents and records to competent authorities for strict, public, and transparent handling according to the law," Prime Minister Pham Minh Chinh requested.

Another task assigned by the Prime Minister to the State Bank is to make a comprehensive assessment of the domestic gold market situation and state management of the gold market, including the production and trading of gold bars, SJC brand gold, jewelry gold... and specifically identify the achievements, limitations, shortcomings, problems and causes, and lessons learned.

From there, there is a basis to propose management solutions in the coming time, ensuring strictness, feasibility, efficiency, compliance with regulations, authority, and stability of the gold, foreign exchange, and currency markets, contributing to limiting the goldification of the economy, ensuring national financial and monetary security.

The Prime Minister has assigned competent authorities, inspectors, examiners, and law enforcement agencies to coordinate with the State Bank to promptly and strictly handle violations of the law related to the gold market and gold trading activities, especially smuggling, manipulation, speculation, etc. to ensure the stable, transparent, safe, healthy, and effective operation of the gold market.

Following the Prime Minister's direction, the State Bank also issued a notice on gold market management. In it, the agency said it would submit a summary report on Decree 24, in which it proposed to amend and supplement a number of regulations on gold market management to suit the new market context.