Dollar price cools, gold price warms

Foreign exchange shops sold dollars at 19,130 dong yesterday July 5, a decrease of 20 dong from late last week. At the same time, the gold price increased, but it has not exceeded the 28.4 million dong per tael threshold.

At 9 am on July 5, Sacombank-SBJ quoted bar gold prices at 28.33-28.37 million dong per tael (one tael is equal to 1.2 ounces), an increase of 40,000 dong per tael over late last week.

SJC gold traded at 28.31-28.37 million dong per tael in HCM City. Meanwhile, in Hanoi, agents collected gold at 28.30 million dong per tael, selling at the same price as in HCM City. The quoted SJC gold price yesterday rose by 20,000 dong per tael over late last week.

Bao Tin Minh Chau in Hanoi yesterday lowered its gold price by 20,000 dong per tael from the day before. The company sold gold at 28.38 million dong per tael yesterday and the purchase price was 80,000 dong lower than the selling rate.

While the gold price moved up slightly, the dollar price declined yesterday. Foreign exchange shops sold dollars at 19,130 dong per dollar, lower by 20 dong than Saturday and equal to Friday’s price. The purchase price dropped by 10 dong to 19,100 dong per dollar.

The black market dollar price began increasing last Tuesday, from 19,000 dong to 19,100 dong per dollar, but commercial banks had not changed their quoted exchange rates since last Thursday.

Vietcombank yesterday sold dollars at 19,095 dong, while Asia Commercial Bank and Eximbank quoted 19,100 dong per dollar. Agribank had not adjusted its price for many days, maintaining 19,050 dong per dollar. Banks collected dollars yesterday at prices hovering from 18,970 dong per dollar (Agribank), to 19,065 dong (Vietcombank), 19,070 dong (Asia Commercial Bank) and 19,080 dong (Eximbank).

A lot of people worried when the dollar price kept increasing last week. They rushed to buy dollars when the price began sliding slightly.

The interbank exchange rate has stayed firm at 18,544 dong per dollar. Official information sources all confirm that dollar supply and demand has been stable and there have been no big changes in the market.

On the world market, the opening gold price yesterday was at $1,211.13 per ounce, while at 9:20am in Hanoi, the price moved up slightly by $1.4 per ounce to $1,212.7 per ounce

Last week, the gloomy US economy and stock slide forced gold prices to a five week low. Though the price partially recovered on Friday, gold had lost nearly four percent of its value.

For the last many years, loosened monetary policies have pushed world prices to record heights. In the last six months, the gold price increased by 24 percent in euros and by 14.4 percent in British pounds.

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