Economy
Fed’s foreseen rate cuts affect foreign exchange rate
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| Chart showing the sudden hike in domestic gold selling price starting November 1 as compared to low periods in previous days. — Photo doji.vn |
Viet Nam News
HÀ NỘI — Sài Gòn Jewellery Joint Stock Company (SJC)’s gold price experienced a sudden rise of VNĐ650,000 (US$29.07) per tael (1.02 ounces) compared with the previous session, pushing the selling price to VNĐ36.65 million ($1,639) per tael.
The price was recorded at 4pm yesterday.
SJC gold selling price at the Doji Gold and Jewellery Corporation (DOJI) rose by VNĐ620,000 ($27.7) per tael, increasing the price to VNĐ36.6 million ($1,637) per tael.
The amount of gold exchanged has increased since Tuesday afternoon, with both State-owned SJC and Bảo Tín Minh Châu Gold and Jewellery Company reporting a rise in their selling price for gold.
The number of arbitrageurs increased significantly yesterday, with 70 per cent of all exchanges buyers and 30 per cent sellers.
Gold prices are expected to keep rising in the short term. This is the peak for the price of gold in the last month, as the US dollar experiences a drop in value in lieu of the current election.
In the world market, exchange prices for gold in Asia are also on the rise, currently at $1,296.5 per ounce. The current domestic gold price is about VNĐ1.7 million per tael higher than the world price, excluding taxes and shipping costs.
The current currency exchange rate is in accordance with Vietcombank’s rate of VNĐ22,355 per $1. — VNS
