Gold prices fall in Viet Nam
Gold prices fall in Viet Nam
The local gold prices dropped by VND180,000 or US$8.4 per tael on June 23 compared with last week's rates, while the prices in the world market rose steadily.
At 3 pm in Ha Noi, each tael of the state-owned SJC gold was listed at VND36.82 million or $1,753 at the Saigon Jewellery Company.
Meanwhile, on the global gold trading floor, Kitco.com, the gold price rose by $1.6 per ounce and was listed at $1,316.3 per ounce or $1,586 per tael. According to reuters.com, gold prices steadied near a two-month high on Monday as the escalating violence in Iraq and geopolitical tensions supported the metal's safe-haven appeal. However, stronger equities and sluggish demand looked likely to add pressure.
Thus, each tael of gold in Viet Nam was $167 higher than in the world market.
A leading gold trading company, the Bao Tin Minh Chau Jewellery and Gemstone Company (BTMC) advised its clients to buy the yellow metal now as they predicted that the prices could rise in the coming days.
Also on June 23, the State Bank of Viet Nam kept the US dollar's exchange rate at VND21,246. After maintaining the rate at VND21,146 for more than 11 months, the central bank hiked it by 1 per cent on June 19.
Commercial banks are allowed to apply an effective exchange rate +-1% from the official exchange rate set by the central bank. Accordingly, the ceiling price for a dollar was VND21,458.5. In the afternoon, the commercial banks of Vietcombank, BIDV and VietinBank ACB offered to buy the dollar at rates between VND21,260 and VND 21,280, and sell it for VND21,355. Eximbank hiked its dollar selling rate to VND21,370.
In the flea market, the US dollar's buying and selling rates were VND21,320 and VND21,350 respectively.
bizhub
