The Government is implementing a range of concerted measures to control the gold market, stabilise public sentiment, and address difficulties in the real estate market, aiming for healthy and sustainable development, according to Deputy Prime Minister Le Thanh Long.

At the opening session of the 10th meeting of the 15th National Assembly held on the morning of October 20, many deputies discussed the need to enhance stability in the financial and monetary markets, including the management of the gold market — a sector that has long been sensitive and poses potential risks to macroeconomic stability.

The establishment of a gold exchange is seen as the final step in reforming the management of the gold market, creating opportunities to strengthen oversight and enhance transparency in the flow of gold within the economy.

Global gold prices on October 21 remained at elevated levels, trading at 4,297.6 USD per ounce. In the domestic market, SJC gold bars and rings surged sharply, quoted at 153.9 million VND per tael and 153.3 million VND per tael, respectively.

Deputy Prime Minister Ho Duc Phoc called for effective coordination between monetary and fiscal measures to ensure macro-economic stability for sustainable development while chairing a meeting on September 16 with the State Bank of Viet Nam (SBV) and relevant ministries and sectors to review monetary policy and gold market management over the past nine months and chart directions for the period ahead.

Global gold prices plunged on September 11, trading at 3,629.3 USD per ounce. In the domestic market, both SJC bars and SJC rings fell sharply, listed at 134.8 million VND per tael and 129.9 million VND per tael, respectively.

Global gold prices soared to a new all-time high on September 6, trading at more than 3,587 USD per ounce. Domestically, prices of SJC gold bars and rings also continued to hit new record highs, trading at 135.4 million VND per tael and 130.2 million VND per tael, respectively.

Global gold prices on August 26 edged up as investors continued to expect the FED to cut interest rates, trading at 3,375.3 USD/ounce. In the domestic market, SJC gold bars and rings kept rising, listed at 127.7 million VND/tael and 122.2 million VND/tael, respectively.

On the afternoon of June 5, domestic gold prices saw a simultaneous increase across the board.