The US dollar prices climbed in the domestic commercial banks and in the flea market on June 3, while the gold prices dipped slightly in Vietnam.
While the State Bank of Vietnam (SBV), which recently made a commitment to stabilise the gold and forex markets, has kept the rate of 21,036 VND for 1 USD unchanged for the last 11 months, most commercial banks increased the dollar's buying and selling rates between 30 VND and 50 VND on June 3.
Vietcombank on June 3 added another 40 VND to the dollar's selling rate, raising it to 21,220 VND and was buying it for 21,160 VND, which was 30 VND higher over last rate on June 2. According to Vietcombank, the US dollar rate increased between 0.28 percent and 0.33 percent during the last two weeks in the bank.
The same buying and selling rates of 21,160 VND and 21,220 VND respectively were applied by EximBank and VietinBank. The rates were 21,180 VND and 21,200 VND at the Bank for Investment and Development of Vietnam, and 21,170 VND and 21,230 VND respectively at the Asia Commercial Bank.
According to SBV, commercial banks were allowed to apply an effective exchange rate + or -1 percent from the official exchange rate set by SBV. Accordingly, the ceiling price for a dollar was 21,246 VND.
In the flea market, traders also raised their US dollar rate compared to June 2. At the Quoc Trinh Jewellery Company in Ha Trung street, the most popular forex spot in Hanoi, a dollar was listed between 21,330 VND and 21,350 VND.
On the same day, the gold price fell by 100,000 VND or 4.7 USD for one tael from the previous day. One tael of the State-owned SJC gold was selling at 36.28 million VND, or 1,727 USD, at the Saigon Jewellery Company.
On the gold trading floor, Kitco.com, the gold price dropped by 4.4 USD per ounce and was listed at 1,242.9 USD per ounce or 1,497.6 USD per tael. Thus, each tael of gold in Vietnam was nearly 230 USD higher than in the world market.