Local gold price higher than global

The gold price in the world market is on upward trend and closed higher by $7 per ounce against the closing price in last weekend. Meanwhile the local gold price edged up only 50,000 dong per tael compared to the closing price in last weekend.
At 9:00 am local time, in Hanoi, the SJC gold price of SJC Hanoi Jewellery Co was quoted at 47.15-47.35 million dong/tael.

In HCM City, the SJC gold price of Saigon SJC Jewellery Co was 47-47.3 million dong per tael. The SBJ gold price of Sacombank SBJ Jewellery Co was listed at 47.11-47.29 million dong/tael.
In the world market, the gold price hovers $1,819 per ounce, up $7.3 per ounce from last weekend.

According to the forex rate of banks today at 20,834 dong/US dollar, the local gold price is higher than the global gold price by 1.6 million dong per tael and it is over one million dong per tael of calculating according to the US dollar price in the free market at 20,100 dong.

The interbank average forex rate today September 19 announced by the State Bank of Vietnam (SBV) is 20,628 dong/US dollar and the forex rate ceiling for commercial banks is 20,834 dong/US dollar.

The forex rate at commercial banks has been kept stable for over past three weeks with the US dollar selling price at the forex rate ceiling of 20,834 dong and the buying price popularly at 20,810-20,820 dong, especially, Vietnam Commercial Joint Stock Bank for Foreign Trade (Vietcombank-VCB) is applying the US dollar buying price at 20,830 dong.

In the free market, the US dollar price is being traded at 21,060-21,100 dong (buyingselling prices).

Tags: vietnam gold, Vietnam gold market, Vietnam gold prices

Posted by VBN on Sep 20 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry