Gold prices soar, dollars fall
Gold prices soar, dollars fall
Gold prices soared in the local and global markets on Friday as the forex rate of US notes inched down in most Vietnamese banks. 
In the global market, spot gold rose more than 2.5 per cent to reach US$1,686.6 per ounce ($2,032 per tael) on the gold exchange Kitco.com this morning. Since early this week, gold prices increased 4.2 per cent in the market.
Most analysts thought the soar was due to the announcement of a massive stimulus to combat the economic toll of the coronavirus pandemic from the US Federal Reserve.
In the local market this morning, Sai Gon Jewellery Company (SJC) asked VND48.45 million ($2,075) for each tael of gold, while Doji and Bao Tin Minh Chau gold firm had VND48.30 million and VND48.10 million each for each tael of gold in selling prices, respectively.
Compared to Thursday’s rates, the prices of gold rose VND600,000 each tael in Doji Gold Firm and VND350,000 in SJC.
All big gold firms and smaller gold shops across the country have been closed from April 1 due to social distancing regulations.
On the websites of most firms, the buying and selling price gap was between VND800,000 and VND1 million.
In the other direction, the US dollar prices fell between VND30 and VND60 from Thursday's rates to close at more than VND23,500 this morning in most commercial banks in Viet Nam.
Vietcombank, BIDV, Techcombank, VietinBank and ACB are buying at VND23,370 to VND23,390 per dollar and selling at VND23,570 to VND23,590 per dollar.
In the flea market, the US dollar's rates also reduced but are still higher than those in the banks. According to tygiadola.com, the rates of the buying and selling rates were VND23,620 and VND23,720 respectively.
