Gold price sees wide fluctuation, U.S. dollar dips
The local gold price eased off the VND37 million/tale level recorded today morning, June 4, trading at some VND36 million. Meanwhile, the U.S. dollar price fell against the Vietnam dong for a third consecutive day.
In early trade, Saigon Jewelry Company (SJC) quoted gold at VND36.9 million per tael for buying and VND37.1 million per tael for selling, up over VVND300,000 per tael against the previous day. But the price eased below VND37 million per tael later.
The price had been quoted at around VND36.77 million for buying and VND36.97 million for selling as of 11:30 a.m., still VND200,000 higher than on Monday.
According to Nguoi Lao Dong newspaper, the gold price has increased sharply since last weekend, up by VND600,000 per tael. It was still at a four-month high.
The strong fluctuation of the domestic gold price reflected the world gold price movements. The price of the yellow metal on the global market stood at US$1,322 per ounce, rising over US$10 versus the last session.
Some gold trading firms said the global gold price had picked up by almost 1.5% to a three-month high, due to concerns over the escalating trade conflict between the U.S. and China and the U.S.’s threat to slap tariffs on goods imports from Mexico, which may affect the global economy.
In addition, the sharp fall of the greenback pushed up the gold price. Many investors purchased gold and other precious metals as safe havens.
For the U.S. dollar, the State Bank of Vietnam quoted the central reference rate at VND23,052, down by eight dongs against the last session, the third straight fall of the exchange rate.
Further, dollar prices at local commercial banks were revised downward. They were quoted at VND23,340 for buying and VND23,460 for selling, dropping 15 dongs against Monday.