SBV confirms capacity to stabilize gold market

The State Bank of Viet Nam (SBV) said it is working closely with law enforcement authorities to investigate and take strict actions against speculative and manipulative behaviors in the gold market.

It has observed individuals hiring people to bulk buy gold at selling points, aiming to drive up prices and profit from the price differential, causing instability. The central bank coordinates with authorities to verify and handle these speculative, manipulative behaviours. 

The SBV is also urgently inspecting credit institutions and gold businesses, especially in Hanoi and Ho Chi Minh City, to address violations.