>> The BEV announces the direct sale of gold bars at nearly 78 million dong per tael on June 4
>> Central Bank predicts continued decline in gold price SJC
>> Gold remains stable despite global uptrend
| Gold transactions at the Bao Tin Manh Hai company. |
| Photo: Tran Viet/VNA/CVN |
By the end of the week, prices of gold rings were quoted as high as 82.75 million VND (3,362 USD) per tael for buyers and as high as 83.45 million VND per tael for sellers. These prices represent all-time highs for gold ring buying and selling prices.
Throughout the week, gold ring prices continued to reach new record highs. For SJC gold bars, prices remained stable after last week’s increase, with a buying price at 81.5 million dong per tael and a selling price at 83.5 million dong per tael .
This is the highest price for SJC gold bars since June 3, when BEV increased the supply of SJC gold bars through some commercial banks and Saigon Gems and Gold One Member Limited Liability Company.
Local BEV branches have been tasked with working with relevant authorities to monitor, inspect and supervise gold trading activities in their areas.
The central bank also required licensed credit institutions and businesses to strictly comply with legal regulations regarding gold trading activities, particularly regarding invoicing and record keeping.
In addition, the ministries of Police, Industry and Commerce, and Finance were asked to strengthen inspections and impose strict sanctions against illegal activities, including gold smuggling, market manipulation and profit, which destabilize the gold market.
The BEV notably organized auctions of gold bars and sold gold directly to four public commercial banks and SJC (Saigon Jewelry Company) to meet demand from individuals.
She also worked with ministries, particularly the Ministry of Police, and local governments to maintain public order and ensure intervention measures were effective.
“Thanks to the synchronized measures implemented by the BEV and effective coordination with relevant authorities, the gap between SJC’s domestic gold bullion prices and international gold prices has narrowed significantly, which which helped stabilize the gold market”she indicated.
The BEV has also strengthened inspections and monitoring of gold trading companies to combat violations of the law and ensure strict compliance with e-invoicing regulations.
Furthermore, the legal framework and policies related to market management and gold trading activities have been revised and improved. Measures to combat illegal gold smuggling and trading have been intensified.
According to the BEV, recent inspection activities strictly followed legal guidelines, ensuring transparency without negatively affecting business operations.
The BEV issued inspection decision No. 324/QD-TTGSNH2 to verify compliance with gold trading laws among six licensed credit institutions and gold trading companies, which represent more than 92% of the gold bullion trading market.
Furthermore, according to the BEV, the Ministry of Planning and Investment is responsible for regulating and guiding the issuance of business registration certificates for gold trading companies.
These companies must declare their capital upon creation and comply with accounting and invoicing regulations in accordance with Decree 24, guided by the Ministry of Finance.
Under the decree, companies must prove the origin of their gold in order to prevent fraud and legalize unofficial gold sources.
VNA/CVN
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