Gold prices fall, forex rates rise
Gold prices fall, forex rates rise
Domestic gold prices decreased by VND50,000 (US$2.3) per tael while the US dollar exchange rate increased by VND10 to VND30 in most commercial banks in Viet Nam on October 20.
The fall in gold prices followed the global trend which, according to reuters.com, likewise witnessed a fall in the price of the precious metal following two straight weeks of gains, with strong US economic data allaying fears of a global economic slowdown, supporting equities and dimming the bullion's safe-haven appeal.
In Ha Noi, the state-owned Saigon Jewellery Company (SJC) priced gold at VND35.85 million ($1,707) per tael, with one tael equivalent to 1.205 ounces.
On the global gold trading floor kitco.com, gold prices fell by $2.2 per ounce to stand at $1,236 per ounce or $1,489.3 per tael. Thus, each tael of gold in Viet Nam was priced $217 higher than that in the world market.
Vietcombank, BIDV, VietinBank and ACB bought US dollars at a price range of VND21,220 to VND21,240 and sold the currency at a price range of VND21,280 to VND21,290. In the flea market, a US dollar was sold for VND21,250 and bought for VND21,270.
On its website sbv.gov.vn, the State Bank of Viet Nam (SBV) maintained the US dollar exchange rate at the June 19 price of VND21,246.
The SBV also set the US dollar rate ceiling at VND21,458.50, which commercial banks were allowed to apply as an effective exchange rate with a one-per cent margin.
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