No additional supply of gold bars has been added to the market since early 2025, while the State Bank of Việt Nam (SBV) is drafting a decree to revise Decree 24/2012/NĐ-CP on gold trading management, aiming to strengthen oversight and improve policy effectiveness amid rising market volatility.

This update was part of a recent report the central bank submitted to the National Assembly.

Global gold prices continue to set new records, while domestic prices soar well above international rates. The SBV warned that limited supply has allowed some businesses and individuals to exploit market fluctuations for speculation and price manipulation.

SBV said that in 2024, it implemented synchronised measures to strengthen management of the gold market and address the significant gap between domestic and international gold bar prices.

The SBV released gold bars into the market through auctions and direct sales, which helped significantly narrow the price gap between domestic and global gold prices. 

By the end of 2024, the disparity had been brought under control and maintained within a reasonable range, falling from a peak of around 25 per cent to around VNĐ3-5 million (US$115.50-192.50) per tael, roughly 5-7 per cent.

However, in the early months of 2025, global gold prices continued to break previous records. 

The spot gold price in the US rose to US$3,241 per ounce in the previous session, reaching US$3,264.2 per ounce in the Asian session this morning. When converted into Vietnamese đồng (including taxes and fees), global gold stands at around VNĐ104.16 million per tael. In comparison, domestic gold is currently VNĐ15.6 million per tael more expensive.

According to the SBV, this price disparity stems from expectations that global gold prices will continue to rise, amid concerns that the US’s tariff policies may affect the global economy. The unpredictable direction of US Federal Reserve monetary policy, ongoing geopolitical tensions and potential commodity price shocks are also driving increased gold demand.

Despite the sharp rise in domestic gold prices, the SBV said that these fluctuations have not yet affected the implementation of monetary policy and macroeconomic stability.

It will continue to closely monitor domestic and international gold market developments, coordinate with relevant agencies to strengthen management and take appropriate actions within its authority to stabilise the gold market.

The SBV also called for coordinated efforts from ministries, agencies and local authorities, following the Government’s and Prime Minister’s directives, to sustainably stabilise the gold market.

The SBV will step up communication and work closely with ministries and agencies to enhance oversight of gold trading activities and promptly inform the public of its market management strategies. — BIZHUB/VNS

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