At 10am in Ha Noi, each tael of the state-owned SJC gold was listed at VND36.78 million or $1,751 per tael at the Saigon Jewellery Company.

HA NOI (Biz Hub) — The gold prices fell by VND40 or US$2.5 per tael in the local market on July 7, while its prices in the world market also edged down.

At 10am in Ha Noi, each tael of the state-owned SJC gold was listed at VND36.78 million or $1,751 per tael at the Saigon Jewellery Company.

Meanwhile, on the global gold trading floor Kitco.com, the gold price fell by $4.5 per ounce and was listed at $1,316 per ounce or $1,586 per tael. According to reuters.com, gold has been under pressure since data released on Thursday showed that the US employment growth jumped in June and the unemployment rate fell to a six-year low, giving decisive evidence of brisk economic growth.

Thus, each tael of gold in Viet Nam was $165 higher than in the world market.

Also on July 7, the State Bank of Viet Nam set the US dollar's exchange rate at VND21,246, keeping its new rate unchanged since June 19. The central bank also set the ceiling price for a dollar at VND21,458.5, which commercial banks were allowed to apply as an effective exchange rate, +-1 per cent.

In the morning session, most commercial banks such as Vietcombank, BIDV and VietinBank ACB reduced their US dollar rate by VND10 to VND20 each. Accordingly, the buying rate of the US dollar was listed between VND21,230 and VND 21,260, and the selling was set between VND21,300 and VND21,320.

In the flea market, the US dollar's buying and selling rates were VND21,290 and VND21,320 respectively. — VNS