Dollar down, gold gain
Dollar down, gold gain
The Federal Reserve’s decision on Wednesday to increase interest rates by 0.25 percentage points - to what is now between 0.75 to 1 per cent - has made the Vietnamese dong-US dollar exchange rate decrease and elevated domestic gold prices in accordance with global market movement.
The exchange rate listed by the Joint Stock Commercial Bank for Foreign Trade of Viet Nam dropped by 50 dong on Thurday, clocking in at VND22,740 per US$1 buying and VND22,810 per $1 selling.
US dollar buying and selling prices offered by the Viet Nam Export Import Bank also decreased to VND22,720 and VND22,820, respectively.
Early Thursday morning on the Asian stock market, the dollar index dropped to 100.51 points, the lowest in three weeks.
In contrast, domestic gold price followed the global surge, bringing the average gold bar price up VND150,000 per tael (1.2 oz), the biggest increase in ten days.
Chiefly, the DOJI Gold and Gems Group reported an increase of VND140,000 per tael buying and VND150,000 selling at VND36.63 million ($1,646) and VND36.78 million ($1,652) per tael respectively.
Similarly, the Phu Nhuan Jewelery Jsc announced a rise for SJC gold to VND36.65 million ($1,647) and VND 36.87 million ($,1656) buying and selling per tael.
World gold prices are experiencing the biggest hike since September 2016, as the end of Thursday trading session on the New York Stock Exchange recorded a 1.8 per cent increase of $21.1 per oz to $1,220.7 per oz.
Gold prices in Asian markets have increased a further $4.5 per oz to $1,225.2 per oz.
