Tran Thu
Saigon Jewelry Company (SJC) on September 25 sold the yellow metal at VND35.94 million a tael and bought it at VND35.82 million. A tael is equal to 1.2 troy ounce.
Domestic gold prices dived below VND36 million a tael a week ago but then fluctuated around the mark before hitting the low level recorded on June 5 this year.
Gold on the global market as of 5 a.m. on September 25 (New York time) was traded at US$1,209.3 an ounce, down US$7.3 an ounce. On the website Kitco.com, gold prices edged down while the U.S. dollar hit a four-year high on Wednesday.
With the greenback price quoted by Vietcombank at VND21,240 on September 25, the global gold price was VND30.96 million a tael exclusive of tax and fee, or VND4.98 million a tael lower than the domestic price.
Nguyen Ngoc Canh, head of the Foreign Exchange Management Department under the State Bank of Vietnam, said in VnExpress that despite the disparity between global and domestic gold prices, there is virtually no demand for gold bars among locals.
The central bank has yet to hold any gold auction this year to date. Gold auctions aim to supply gold bars to the market when the demand for the precious metal surges, but not for price stabilization.
Vietcombank on September 25 quoted the U.S. dollar price at VND21,240 after keeping it at VND21,210-21,220 for a long period.
According to a foreign bank in HCMC, the appreciating U.S. dollar against dong over the past week was attributed to the high demand of the greenback. Bank’s dollar liquidity, however, remains strong.
Đăng ký: VietNam News