Vietnam gold recovers, interbank forex rate slumps

Losing 10 dong to 20,643 dong per US dollar, the interbank market saw the deepest fall in forex rate during last week. Meanwhile, gold bar increased by more than 100,000 dong thanks to the push from the world’s market, the VnExpress reported.

On May 28 morning early, big shops in HCM City announced gold at around 37.62 million-27.70 million dong per tael (purchase and selling prices), rising by 110,000 dong and 120,000 dong respectively compared with the previous day. At the same time, the jewelers in Hanoi listed gold at prices higher 30,000 dong and 40,000 dong/tael to 37.65 million and 37.74 million dong per tael.

The quiet gold market has helped the monetary market partially settle down. After many days of reduction, interbank forex rate continued decreasing 10 dong against May 27 to 20,643 dong per US dollar due to an array of intervention measures of regulators. Banks said that US dollar supply became more plentiful as residents and enterprises were willing to sell out.

However, commercial banks on May 28 kept US dollar price unchanged or adjust up a bit after strongly reducing buying and selling prices of US dollar in some previous days. Particularly, at Vietcombank, US dollar was purchased at 20,510 dong and sold at 20,610 dong, unchanged compared with May 27. Meanwhile, ACB raised the prices of US dollar to 20,470 dong and 20,610 dong (purchase and selling).

In the Comex (New York), gold for delivery in June closed up $13.5 to $1,537.30 per ounce. – Vietbiz24

Posted by VBN on May 30 2011. Filed under Banking-Finance, Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry