Gold prices fall, as dollar rates rise slightly

Gold prices drop in local market. — Photo VnExpress.net

HA NOI (Biz Hub) — Gold prices dropped in the domestic market on February 22.

At 4pm, DOJI Ha Noi listed the buying and selling prices of gold at VND33.25 million (US$1,484) and VND33.35 million ($1,488) per tael, respectively, a decrease of VND270,000 ($12.05) compared to the previous day's closing rate.

At Saigon Jewellery Company Limited, the buying and selling prices of one tael of gold were VND33.12 million ($1,478) and VND33.44 million ($1,492), VND180,000 ($8.03) and VND230,000 ($10.26) lower than yesterday's rate, respectively.

According to DOJI, the gold market last weekend was quieter than the previous days. There was a fair balance in the number of customers buying and selling gold.

Reuters said gold extended losses below its 12-month high on Monday as the dollar and equities strengthened, but the metal remained underpinned above $1,200 an ounce as caution in financial markets prompted investors to channel money into bullion.

On the global trading website kitco.com, gold prices declined slightly from yesterday's rate by $17.0, or 1.39 per cent, to touch $1,217 .2 per ounce, or 1.205 per tael.

In the foreign exchange market, the reference rate of the State bank of Viet Nam (SBV) on February 22 dropped slightly by six dong to touch VND21,894 per American dollar.

With a margin of +/-three per cent from the SBV's reference rate, commercial banks were allowed to apply the ceiling rate of VND22,551 and the floor rate of VND21,237 on February 22.

At 4pm, BIDV dollar buying and selling rates remained at VND22,330 and VND22,400, respectively.

Vietcombank listed its buying and selling rates at VND22,340 and VND22,410, 10 dong higher than February 19.

Vietinbank's dollar buying and selling rates increased slightly to touch VND22,335 and VND22,415, respectively, an increase of 15 dong compared to February 19.

At Techcombank, the dollar buying rate remains at and selling rates were VND22,298 and while the selling rate increase by two dong to touch VND22,410. — VNS