Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has confirmed that the central bank has enough resources and determination to stabilize the gold market,  at a meeting with gold trading businesses held on June 22.

The meeting aimed to get feedbacks from commercial banks and businesses about recent measures taken by the central bank to stabilize gold prices.

Representatives from commercial banks and businesses assessed that the central bank’s intervention has proved effective in helping to stabilize the market and narrowing the gap between domestic and global gold prices.

After three weeks since four State-owned commercial banks and the Saigon Jewelry and Germ Stone Co. (SJC) were allowed to purchase gold from the central bank for sale to the public, gold prices in Vietnam are around VND4 million ($157) a tael higher than global price, much lower than a gap of VND20 million ($785) at a peak recorded at the beginning of June.

The four banks, namely Agribank, BIDV, VietinBank and Vietcombank, and the SJC on June 21 listed the retail selling price of gold at VND76.98 million ($3.024) per tael. The rate was kept unchanged from June 6.