Gold sinks to below VND35 million a tael

The price of gold in Vietnam made a free fall to below VND35 million a tael (1.2 ounces) on June 28 under losing pressure from global market.

Saigon Jewelry Company bought the metal at VND34.7 million and sold at VND35.5 million at 9.40 am this morning, a decrease of VND1.3 million a tael in buying price, and VND1.15 million in selling price compared to closing price last evening.

Earlier, the precious metal even dropped to VND34 million for buying rate, and VND35 million for selling rate. This was the lowest level since November 2010.

Since the beginning of this week, domestic gold price has lost by nearly VND4 million a tael, marking a rare weekly decline. The metal was also cheaper by VND6 million a tael in the past month.

The gap between domestic and global gold prices currently was at VND4.3 million a tael.

This morning, the State Bank of Vietnam held the 37th gold auction – the last gold auction before the dealing for credit institutions to finalize and close their gold accounts which falls on June 30 -, offering 40,000 taels of gold, or more than 1.5 tons.

The Central Bank’s decision to raise dollar interbank exchange rate from VND20,828, which was kept for more than 18 months, to VND21,036 also started to take effect today.

On free market, dollars were purchased at VND21,340-21,350 a dollar, and sold at VND21,450-21,460, up VND50 per dollar in buying price, and VND130 per dollar in selling price over the previous day.

At commercial banks, dollar exchange rate also surged to around VND21,200 per dollar. Vietcombank bought dollars at VND21,180 and sold at VND21,220. Eximbank fixed the rate at VND21,120 for buying, and VND21,230 for selling.

By Thuy Doan

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