Bao Tin Minh Chau Gold and Jewellery in Ha Noi records a higher rate for buyers than sellers of the yellow metal this morning. — Photo BTMC

HA NOI (Biz Hub) — Local gold prices soared on August 3 following international market trends, after equities fell and weak American economic data undermined expectations of a near-term United States interest rate hike.

On the global gold trading floor kitco.com, each ounce of gold was rated at US$1361.5 (or $1,639 per tael).

Following the trend, VND100,000 ($4.5) was added to each tael of SJC gold to reach VND36.98 million in the Sai Gon Jewellery Joint Stock Company this morning.

Gold companies Bao Tin Minh Chau and DOJI in the north and Phu Nhuan Jewellery in the south also rated each tael of gold VND80,000 to VND200,000 higher at the same time.

In Ha Noi, Bao Tin Minh Chau Gold and Jewellery Company posted a higher rate for buyers than sellers of the yellow metal this morning, at 55 per cent and 45 per cent, respectively.

On the same day in the global market, the dollar struggled near six-week lows against a basket of currencies on August 3, due to expectations that the American Federal Reserve would raise interest rates later rather than sooner.

Reuters.com said the dollar's softness followed a weak showing by Wall Street overnight, with indexes suffering their worst day in roughly a month in the wake of unconvincing economic data and falling oil prices.

In Viet Nam, the central bank reduced its reference rate for each American dollar for three consecutive days. On August 3, the central bank announced the reference price for each greenback and rated each dollar at VND21,820, the lowest since May 4.

However, the greenback rates did not change much in most commercial banks on August 3.

The buy/sell rates of the greenback in Vietcombank and BIDV were VND22,260/VND22,330, in Vietinbank VND22,25/ VND22,335, in Techcombank VND22,260/VND22,340, and in ACB they were VND22,225/22,335 and in Eximbank VND22,250/VND22,330, respectively.— VNS