US dollar price to remain high, gold price to decrease slightly

After rising significantly in the previous session, on the first morning of the new month (1 July), gold price fell slightly to under 28.60 million dong per tael. US dollar price also remained high, while selling price in both markets was 19,100 dong per US dollar.

Saigon Jewellery Company (SJC) – Hanoi branch quoted the SJC gold price at nearly 10 am at 28.52 and 28.58 million dong per tael (buying and selling). The bar gold with Bao Tin Minh Chau company brand was quoted at 28.50 to 28.59 million dong per tael, an increase of 20,000 to 30,000 dong per tael over the day before.

In Hochiminh city, SJC gold was quoted at a higher level of 28.50 to 28.60 million dong per tael. The bar gold with SBJ brand was quoted at 28.53 to 28.57 million dong per tael.

According to Sacombank-SBJ, physical gold trading in the market was rather quiet, due to the weak selling power. This is because many investors had sold gold to take profit at the price level around 28.60 to 28.75 million dong per tael; while demand for gold in the market was not very strong since the price level was found to be quite high for long-term investment.

On the world market yesterday, world gold price fluctuated within a narrow margin, closing price on the last trading session of the second quarter for August delivery gained $3.5 an ounce, equivalent to 0.3 percent, reached $1245 an ounce. Gold for immediate delivery was at $1240.45 an ounce, while the previous session was at $1238 an ounce.
However, on 1 July morning, it declined slightly to $1239.4 an ounce.
Thus, the price of this precious metal has risen 2.5 percent in June and 12 percent in the second quarter.

In the second quarter, there was time when gold price recorded $1265 an ounce while the gloomy context of the world economy had put pressure on investors, leading gold to be the safe haven, thus making this precious metal to continuously reach a new higher price.

According to specialists, gold prices will still go up further, the reduction adjustments to gold price were only for taking profit purposes of investors, in the long term gold is always attractive thus the price will go further high.

The exchange rate of US dollar remained high after consecutive increases in the last several days.

Commercial banks announced selling price at a popular rate of 19,100 dong per US dollar. In particular, BIDV at 19,050 and 19,100 dong per US dollar (buying and selling), Eximbank at 19,100 and 19,040 dong per US dollar (buying and selling), Sacombank at 18,980 dong per US dollar for buying price (up by 20 dong compared to the day before) and retained selling price at 19,100 dong per US dollar. VCB especially reduced selling price to 19,095 dong per US dollar, instead of 19,100 as of the day before, buying price was at 19,040 dong per US dollar.

The dollar price on the black market in Hanoi was popularly from 19,070 to19,100 dong per US dollar.

On interbank foreign exchange market, average exchange rate announced by the State Bank continued to stand at 18,544 dong per US dollar.

Hanoi moi

Tags: gold prices, US dollars, Vietnam finance, Vietnam financial