Deputy PM wants central bank to prevent gold speculation

He directed the State Bank of Vietnam, and other relevant agencies, to closely monitor developments in the domestic and international financial, gold and foreign exchange markets.

He called for swift action in the form of inspections and enforcing strict penalties for violations.

"There must be no manipulation of and price gouging in the gold market."

He said the central bank needs to take measures to restore public confidence and stabilize market sentiment.

Gold prices have surged by over 40% this year to around VND118 million (US$4,561) per tael.

In the last 10 days they rose by 9% as global prices hit new peaks amid economic uncertainties.

In Vietnam, bullion prices are nearly 14% higher than the global rates. Last year, when the gap was over 20%, the central bank had to intervene to increase distribution and narrow the difference.