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VN gold rises despite global fall

May 13th at 10:40
13-05-2014 10:40:57+07:00

VN gold rises despite global fall

The world gold price fell to its lowest level in a week yesterday, while the local gold price rose steadily in the Vietnamese market.

 

The forex rate, meanwhile, remained stable.

The world gold price fell to US$1,289.2 per ounce or $1,553.4 per tael on the gold trading floor Kitco.com.

Meanwhile, the gold price in Viet Nam rose to VND35.63 million, or $1,696, per tael, as listed by the state-owned Saigon Jewellery Company (SJC) yesterday.

Thus, each tael of gold in Viet Nam was $143 higher than in the world market.

The euro hovered near a month's low over fears of policy action by the European Central Bank, shrugging off demands for safe havens due to the escalating violence in Ukraine.

On the same day, Vietcombank and the other commercial banks maintained an exchange rate of VND21,120 per US dollar, the same as last week. This was with the exception of Sacombank which raised its dollar selling price to VND21,130.

The SBV kept the US dollar's exchange rate at VND21,036 yesterday, which has been the rate for the past 10 months.

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