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Vietnam to probe gold traders for possible manipulation as prices soar

Vietnam to probe gold traders for possible manipulation as prices soar

Wednesday, April 17, 2024, 10:02 GMT+7
Vietnam to probe gold traders for possible manipulation as prices soar
Gold jewelry is on display at a shop in Ho Chi Minh City. Photo: T.T.D. / Tuoi Tre

HANOI -- Vietnam's parliament has asked the government to investigate gold trading firms for possible market manipulation amid soaring domestic prices, state media reported on Tuesday.

The price for gold bars in the Southeast Asian country has risen around 15% this year, and hit a record high VND85 million (US$3,401.36) per tael on Friday.

A tael is equivalent to 37.5 grams or 1.21 troy ounces, and domestic prices for a tael are approximately $1,000 more than current global prices .

"The National Assembly Standing Committee requested the Government to direct relevant agencies to focus on inspecting and examining gold trading enterprises to clarify if there are market manipulation acts," state-run Vietnam News Agency reported.

Vietnam's central bank has said it would increase supplies of gold bars by resuming auctions suspended more than a decade ago, as part of its effort to stabilise the market.

Under the 2012 regulations aimed at stabilising prices, the central bank has a monopoly on the production and import of gold, while Saigon Jewelry Company (SJC) is the sole manufacturer of SJC-branded bullion.

However, local businesses have urged the central bank to amend the regulations to increase liquidity and bring down prices.



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