Gold plummets below VND38 million per tael

The price of gold in Vietnam sank to a two-year low on June 26 as global gold prices drastically dropped in the trading session this morning.

Saigon Jewelry Company bought gold at VND37.8 million a tael, and sold at VND38.1 million a tael at 9.49am this morning, a drop of VND580,000 a tael in buying rate and VND480,000 per tael in selling rate compared to closing price last evening.

Compared to the beginning of the week, the heavy metal lost more than VND1.2 million in both buying and selling prices and was standing at lowest level since July 2011.

A sharp decline in gold price has encouraged people to buy gold for stockpiling. However, as deadline for credit institutions to finalize and close gold accounts is near, the market remained cautious as the gap between domestic and global gold prices will possibly be narrowed.

This morning, domestic gold price was VND6 million a tael higher than global gold price.

In free market, dollars were bought at VND21,300-21,310 a dollar and sold at VND21,330-21,340, down VND40 per dollar compared to the previous day.

Commercial banks continued to keep US dollar rate above VND21,000 per dollar. Vietcombank purchased dollars at VND21,025 and sold at VND21,036. Eximbank fixed buying rate at VND21,015 and selling rate at VND21,036.

By Thuy Doan

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