Central bank dismisses rumors of gold shortage

By Minh Son   June 6, 2024 | 08:58 pm PT
Central bank dismisses rumors of gold shortage
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
There is sufficient gold supply for legitimate demand and rumors of gold shortage are false, the State Bank of Vietnam (SBV) said Friday morning.

The central bank has the resources and determination to stabilize prices and narrow the gap between domestic and international rates, it said in a statement.

There are false rumors that authorities do not have enough gold to sell and some people are hiring others to queue at gold outlets to buy large volume in order to push up prices, it added.

Vietnam gold bar price is now at a four-month low of VND76.98 million ($3,027.85) per tael, 5.5% higher than the global rate, compared to 23% in the last several weeks. A tael equals 37.5 grams or 1.2 ounces.

The State Bank is coordinating with the police to identify and punish gold speculation and market manipulation.

It advises the public to remain vigilant and avoid being influenced or exploited by those with malicious intent.

It will implement solutions to prevent hoarding.

It is also inspecting gold trading in many businesses in Hanoi and Ho Chi Minh City.

Deputy Prime Minister Tran Hong Ha said that the government will make amendments on gold regulations to ensure stable development of the gold market while preventing the use of gold as a currency.

State-owned lender Vietcombank said starting Friday it would open four new gold outlets in Hanoi and Ho Chi Minh City, bringing the total to 10.

It sold 10,000 taels to 1,500 customers in the first three days of selling gold.

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