Domestic gold prices fall, dollar rate still high
Domestic gold prices fall, dollar rate still high
Gold prices slumped in the local market today while the price of the US dollar was remained high.
Compared to the previous day's rate, the selling price of one tael or 1.205 ounces of the State-owned brand SJC decreased by VND150,000 (US$6.65) to VND32.98 million ($1,462.72) in the Sai Gon Jewelry Joint Stock Company.
The buying price of each tael of gold also declined by VND170, 000 ($7.54) to reach VND32.71 million ($1,450.74).
The gap today between selling prices and buying prices was VND270,000 ($11.97). The gap was often about VND100,000 ($4.4).
The Bao Tin Minh Chau Gold and Jewellery Company and Doji Gold both listed their gold selling prices at VND32.95 million ($1,461.39) at 3pm, while the buying prices were listed at VND32.91 million ($1,459.61) and VND32.89 million ($1,458.73), respectively.
Meanwhile, reuters.com reported yesterday that international gold prices suffered their biggest slide in five months after US interest rates were raised for the first time in nearly a decade and the dollar surged.
On the global gold trading website Kitco.com, the price of gold slipped another $13.42 per ounce to end at $1054.3 per ounce.
In the foreign exchange market, the dollar traded at the ceiling of the central bank's trading band.
The commercial banks of Vietcombank and BIDV sold a dollar for VND22,517 and bought at VND22,547, the same rate as Thursday.
