JavaScript is off. Please enable to view full site.

Vietnam PM orders to better manage domestic gold prices

Vietnam PM orders to better manage domestic gold prices

Thursday, December 28, 2023, 14:06 GMT+7
Vietnam PM orders to better manage domestic gold prices

Vietnam's Prime Minister Pham Minh Chinh on Thursday ordered the central bank to tackle soaring local gold prices that he said have had a negative impact on monetary markets and market sentiment in the past few weeks.

The price of gold in Vietnam has skyrocketed this month, reaching a peak of 80 million dong ($3,292.86) per ounce on Tuesday, and has gained nearly 20% since the beginning of the year. It was trading at $2,085 as of 0437 GMT on Thursday.

"The global and domestic gold markets have been moving in a complicated manner, with domestic gold prices increasing rapidly, which have negatively impacted monetary market social sentiment," the Prime Minister said in the instruction.

"The State Bank has to have healthy, effective solutions to stabilize the market," he added.

The gap in gold prices between Vietnam and theglobal markethas reached nearly 20 million per tael.

People in Vietnam traditionally hold gold as a hedge against inflation.

($1 = 24,295.0000 dong)


Read more

McLaren 750S makes debut in Vietnam

A striking McLaren 750S Spider, resplendent in a vibrant orange hue, took center stage at its debut ceremony held in Ho Chi Minh City

1 day ago



‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Latest news