Analysis of stabilizing the domestic gold market through establishing a gold trading floor


  • Pham Xuan Hoan International School, Vietnam National University


Domestic gold market, gold trading floor, gold price, Vietnam


The international gold price increased significantly in the first quarter of 2024, leading to much instability in the domestic gold price. Many national seminars and official state information channels have analyzed the negative consequences and proposed the need to amend Decree 24 on gold business management, advocating for the establishment of a Gold trading floor to contribute to stabilizing the gold market. This article argues that it is crucial to exercise great caution in amending the current Decree 124, as its content remains highly relevant. The government should not be overly concerned with the domestic gold price being higher than the international price but should instead focus on implementing transparent market management solutions to curb smuggling, speculation, and price manipulation. Establishing a Gold trading floor or the government trading gold certificates will not be an effective solution in reducing the public’s demand for physical gold storage or in aligning domestic gold prices with international ones.


Government (2012). Decree No. 24/2012/NĐ-CP dated April 3, 2012, on the management of gold business activities.

Hoan, P. X. (2009). The role of Gold in the 21st Century. Finance Magazine, 5(535).

Serkan, P. (2023). Gold as international reserves: A barbarous relic no more? Journal of International Economics, 145, 103822.

Government Office (2024). Announcement No. 160/TB-VPCP dated April 11, 2024, summarizing the Prime Minister's conclusions at the meeting on measures to manage the gold market in the near future. <> Accessed 10.5.2024.

Le, N. (2024). Ending the monopoly of SJC gold bars, establishing a gold credit trading floor: A multi-targeted arrow. <> Accessed 10.5.2024.

The Portal of the State Audit Office of Vietnam. Over 400 tons of gold at risk of lying “dead” among the people. <> Accessed 10.5.2024.


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Pham Xuan Hoan. (2024). Analysis of stabilizing the domestic gold market through establishing a gold trading floor. VNU JOURNAL OF ECONOMICS AND BUSINESS, 4(3), 123.



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