Gold, dollar drop steeply

Although the State Bank of Vietnam raised the central rate by VND2 per dollar to VND21,913 per dollar, the US dollar exchange rate at commercial banks continued to decline on January 12.

Vietcombank cut VND40 per dollar and BIDV cut VND30 per dollar in both buying and selling rates to VND22,380 per dollar for buying and VND22,450 per dollar for selling. Vietinbank lowered VND25 per dollar to buy dollars at VND22,,385 per dollar and sell at VND22,455 per dollar. Eximbank bought dollars at VND22,380 per dollar and sold at VND22,450 per dollar, reducing VND40 per dollar in both buying and selling rates.

In comparison with the highest selling price of VND22,540 per dollar last week, the green-back’s selling rate has dropped by nearly VND100 per dollar.

Banking experts said that foreign currency market will tend to continue stable trading even when the Chinese yuan devalued 1.4 percent. In addition, banks said that they adjusted the US dollar exchange rate down because of excessive US dollar supply.

The price of gold in Vietnam lost VND100,000 per tael on January 12, affected by a drop of more than US$10 per ounce in global gold price to $1,095.2 per ounce in New York.

Saigon Jewelry Company bought gold at VND32.76 million per tael and sold at VND33.06 million per tael.

Meanwhile, Doji Gold and Gems Group purchased gold at VND32.94 million per tael, and sol at VND33.04 million per tael, down VND10,000 per tael.

Global gold price was VND3.2 million per tael lower than domestic gold price.

By Nhung Nguyen – Translated by Thuy Doan

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