Vietnam to probe gold traders for possible manipulation as prices soar

April 18, 2024

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. 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. 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.

The source of this news is from Tuoi Tre News