Gold prices fall to two-week low
Gold prices fall to two-week low
Local gold prices edged to their lowest level in two weeks on July 21.
Sai Gon Jewellery Joint Stock Company sold each tael of SJC gold bars for VND36.62 million ($1,639), dropping VND160,000 per tael from yesterday's rate.
Since the local gold prices had jumped to their highest level in three years on July 6, at VND40 million per tael, each tael of gold lost more than VND3.3 million in the last two weeks.
On the same day, DOJI Group also traded its gold at VND36.44 and VND36.52 per tael, down VND150,000 on both the buying and selling sides, respectively, from yesterday's rate.
On the global market, gold hit a three-week low on Thursday after falling more than 1 per cent in the previous session, as equities rose and with investors eyeing a European Central Bank meeting later in the day amidst rising expectations of a US interest rate hike.
On the global gold trading site kitco.com, one ounce of gold was listed at 1,320.4, or $1,591 per ounce.
Gold prices in Viet Nam were still $48 higher than those around the world on July 21.
Bao Tin Minh Chau, a popular gold trader in the city of Ha Noi, recorded a higher buying rate of 65 per cent versus 35 per cent for sellers. The trader recommended its clients buy the yellow asset this time to retain it as savings.
At the same time, the foreign currency market saw a slight increase in US dollar rates at most commercial banks.
Most of the commercial banks rated another 5 to 10 dong to the dollar. On July 21, buying rates per US dollar stood at between VND22,250 and VND22.270, while selling rates stood at between VND22,330 and VND22,350.
Vietcombank rated each dollar at VND22,265 to buy and VND22,335 to sell, unchanged from its rates on July 20.
