Gold prices fall, forex stable
Gold prices fall, forex stable
Local gold prices edged lower on July 18, following a failed coup attempt in Turkey, which impacted on the global gold prices.
In the morning, the Sai Gon Jewellery Joint Stock Company sold each tael of SJC gold bars at VND36.75 million ($1,637), more than VND200,000 lower than the rate last week.
The DOJI Group also traded its gold at VND36.55 and VND36.75 per tael, down VND270,000 and VND230,000 (buying and selling prices, respectively) from last week's rates.
In the global market, one ounce of gold slipped $8.7 each to end at 1,328.4 or $1,600.7 per ounce.
So, the prices in Viet Nam were still $37 higher than the prices in the global market on July 18.
The DOJI group, which had 55 per cent buyers and 45 per cent sellers, advised its customers to be cautious in trading as the prices could fluctuate further.
In contrast, there were no changes in the foreign currency market.
According to the central bank, the foreign exchange market was stable last week. Most of the commercial banks listed their dollar buying rates between VND22,260 and VND22.280 and selling rates between VND22,330 and VND22,340.
Vietcombank rated each dollar at VND22,260 and VND22,330 (buying and selling rates, respectively) on the morning of July 18.
A central bank representative told media that the foreign exchange market was not affected by gold fluctuations and that the State Bank of Viet Nam has been purchasing the greenback.
He said the central bank would implement synchronous measures and monetary policy tools to stabilise the foreign currency market and exchange rates.
