Gold prices fall, forex rates rise

Wednesday, Oct 15, 2014 15:43

The prices of US dollar increase in the local market on October 15.— Photo
HA NOI (Biz Hub) — Gold prices fell VND90,000 (US$4.3) per tael in the local market for the second straight day on October 15.

The prices of the metal in the world market also slid.

In Ha Noi, each tael of the state-owned SJC gold was listed at VND35.79 million ($1,704) per tael (one tael is equal to 1.205 ounce) at the Saigon Jewellery Company.

At the same time, on the global gold trading floor, the price of gold lost $5.00 per ounce to stand at $1,227.2 per ounce or $1,478.6 per tael.

According to, gold slid for the second straight session as the dollar rebounded modestly from sharp losses. But the safe-haven metal was still close to its four-week high because of lingering worries over the global economy.

Thus, each tael of gold in Viet Nam was priced $226 higher than in the world market on October 15.

Unlike the gold prices, the US dollar rates rose between VND15 and 30 in most commercial banks in Viet Nam, compared to yesterday's rate. The buying and selling rate of the dollar in Vietcombank, BIDV, VietinBank and ACB was between VND21,200 and VND21,220, and between VND21,270 and VND21,275 respectively.

In the flea market, the US dollar's buying and selling rates were VND21,250 and VND21,250 respectively.

On its website, the central bank kept the US dollar's exchange rate at VND21,246, unchanged from its new rate since June 19. The central bank also set the ceiling on the dollar rate at VND21,458.5, which commercial banks were allowed to apply as an effective exchange rate with one per cent margin.— VNS

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