Central bank to inspect gold shops in HCMC, Dong Nai

It has asked tax, security and technology authorities to coordinate with it for the inspections, which are meant to ensure market stability and transparency, it said in a recent statement.

Inspectors will check compliance with price listing, gold origin and foreign currency trading regulations to ensure there is no speculative behavior or market manipulation.

Gold jewelry on display at a shop in Hanoi. Photo by VnExpress/Giang Huy

Since late August gold prices have been rising relentlessly, repeatedly hitting new record levels. There are long queues at gold shops to buy amid a lack of supply.

The central bank has said the price rally is due to global trade wars, U.S. tariff policies and the weakening of the dollar.

The expectation that gold prices will continue to rise amid low interest rates domestically and limited supply is causing the scramble to buy gold, it added.

Some businesses and individuals are likely to "exploit market fluctuations to speculate and manipulate prices, leading to unusual fluctuations," it added.