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Government inspection instruction playing a role in gold price slip: Experts

Monday, 13/05/2024 | 12:30:00 [GMT +7] A  A

Gold prices fell last weekend after remaining high for a week, and experts attributed the fall to the Government’s instruction on conducting a specialised inspection of the market.

At a gold shop run by the Bao Tin Manh Hai gold company (Photo: VNA)



Jewelry company Doji on May 12 lowered its quote for gold bullion by 1.7 million VND (66.79 USD) from the previous trade to 86- 87.5 million VND per tael (a tael equals 37.5 grams or 1.2 ounces) for bids and asks, respectively.

Bao Tin Minh Chau, another major gold trader, offered the precious metal for 87-89.2 million a tael.

Meanwhile, gold ring prices have not budged from the previous session, standing at around 75.95 – 77.45 million VND per tael at Doji, and 75.43 – 76.93 million VND at Bao Tin Minh Chau.

The prices of both bullion and rings steadied at State-owned Saigon Jewelry Company (SJC), at 88.8 – 91.3 million VND and 74.85 – 76.55million VND, respectively.

Earlier, the Government Office released a document on Deputy Prime Minister Le Minh Khai's conclusions at a recent meeting on the matter, one of which is his request for an urgent review and comprehensive assessment of gold bar production and trading by businesses, as well as gold market management solutions that the State Bank of Vietnam (SBV) adopted in recent times.

He also required further efforts to narrow the widening gap between domestic and international gold prices to ensure that the domestic gold market operates stably, effectively, healthily, openly, transparently, and in accordance with the law.

Attention should be paid to avoiding ‘goldenisation’ of the economy as well as the negative impact on macroeconomic stability and national financial and monetary security, Khai stressed, urging relevant agencies to report the results to the Prime Minister in May at the latest.

Experts said the domestic gold market would cool down at this sensitive period, yet the prices at home will be likely impacted by global prices that are returning to an upward trend due to the simultaneous decrease in the US dollar and US Treasury bond yields.

Source: VNA