Thursday, July 16 2020

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Gold prices soar, dollars fall

Update: April, 10/2020 - 13:23

 

US dollar prices declined as gold prices went up. — Photo thoibaonganhang

HÀ NỘI — Gold prices soared in the local and global markets on Friday as the forex rate of US notes inched down in most Vietnamese banks.

In the global market, spot gold rose more than 2.5 per cent to reach US$1,686.6 per ounce ($2,032 per tael) on the gold exchange Kitco.com this morning. Since early this week, gold prices increased 4.2 per cent in the market.

Most analysts thought the soar was due to the announcement of a massive stimulus to combat the economic toll of the coronavirus pandemic from the US Federal Reserve.

In the local market this morning, Sài Gòn Jewellery Company (SJC) asked VNĐ48.45 million ($2,075) for each tael of gold, while Doji and Bảo Tín Minh Châu gold firm had VNĐ48.30 million and VNĐ48.10 million each for each tael of gold in selling prices, respectively.

Compared to Thursday’s rates, the prices of gold rose VNĐ600,000 each tael in Doji Gold Firm and VNĐ350,000 in SJC.

All big gold firms and smaller gold shops across the country have been closed from April 1 due to social distancing regulations.

On the websites of most firms, the buying and selling price gap was between VNĐ800,000 and VNĐ1 million.

In the other direction, the US dollar prices fell between VNĐ30 and VNĐ60 from Thursday's rates to close at more than VNĐ23,500 this morning in most commercial banks in Việt Nam.

Vietcombank, BIDV, Techcombank, VietinBank and ACB are buying at VNĐ23,370 to VNĐ23,390 per dollar and selling at VNĐ23,570 to VNĐ23,590 per dollar.

In the flea market, the US dollar's rates also reduced but are still higher than those in the banks. According to tygiadola.com, the rates of the buying and selling rates were VNĐ23,620 and VNĐ23,720 respectively. — VNS

 

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