Economists at a seminar on solutions to develop a safe and sustainable gold market suggested abolishing the monopoly on SJC gold bars.

The State does not encourage the trading of gold bars, protect their prices, nor accept too large differences between domestic and global gold prices, and between SJC and other types of gold bars.

The Prime Minister has signed a telegram, asking for solutions to be introduced to rein in the gold market that has fluctuated sharply in recent times.

SJC bullion gold prices in the domestic market have been climbing to new highs. On December 22, prices surpassed VND76 million, and then the VND77 million per tael threshold.

The domestic SJC gold price continued its upward trend on the morning of December 26, soaring by VND1.6 million per tael to VND80.22 million (US$3280.05) per tael - surpassing all historical peaks.

Domestic gold prices kept skyrocketing on December 20 morning to pass the historic high, reaching 75.4 million VND (nearly 3,100 USD) per tael (1.2 ounces).

From VND34.78 million per tael in 2013, the SJC gold price has nearly reached the VND72 million per tael threshold, which means an increase of VND37.14 million after one decade.

A surge in global prices has driven gold to historic heights in the domestic market, with SJC gold bars and 9999 gold rings reaching the highest price since the beginning of the year.

In its recent report, the World Gold Council said demand for gold in Vietnam shrank 9% in the second quarter year on year due to the economic difficulties.

Authorities in the southern border province of An Giang announced on Sunday that they had seized 14 more kilos of gold while investigating a local gold smuggling ring. Police have also detained five people involved in the case.

Nguyen Thi Hoa set up a closed gold smuggling ring, where members were all relatives of the family. The ring operated mostly in Lao Bao, an area bordering Laos.

The Ministry of Public Security (MPS) and local police have recently detected the smuggling of gold, weighing several kilograms to several tons, across border gates.

Demand for gold in Vietnam fell by 12 percent in the first quarter of this year compared to the same period of 2022, according to the World Gold Council's latest report.