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| Local gold prices recover in Viet Nam on November 10. — Photo thanhnien.com.vn |
HA NOI (Biz Hub) — Gold prices continued to fall in the global market, but in Viet Nam, gold prices climbed to escape a 10-month low that apparently ended on November 10.
The price of the US dollar likewise increased in the domestic market.
At the global gold trading floor kitco.com, gold prices fell by $7.7 per ounce to stand at $1,170.8. per ounce or $1,410.8 per tael.
According to reuters.com, gold slipped by nearly 1 percent on Monday, remaining below a key $1,180-per-ounce level that could pressure the precious metal back to low levels reached last week on a strong US dollar, amid fears that the United States Federal Reserve will increase its rates.
In Ha Noi, each tael of state-owned brand SJC added VND320,000 (US$15) compared with the VND35.24-million ($1,678) price at Doji Gold and Gems Group last Friday. One tael is equivalent to 1.205 ounces.
Thus, each tael of gold in Viet Nam was priced $268 higher than that in the world market.
In the domestic foreign currencies market, US dollar prices added between VND10 and 25 each compared with the rate last November 7.
Vietcombank, BIDV, VietinBank and ACB bought the US dollar at rates between VND21,265 and VND21,280 and sold it at rates between VND21,325 and VND21,330.
In the flea market, a US dollar was sold for VND21,380 and bought for VND21,360.
On its website sbv.gov.vn, the State Bank of Viet Nam (SBV) maintained the US dollar exchange rate at the June 19 price of VND21,246.
The SBV also set the US dollar rate ceiling at VND21,458.50, which commercial banks are allowed to apply as an effective exchange rate with a one-per cent margin.— VNS