Gold prices fall sharply in the local market on November 18 when the US dollar increase in the flea market. — Photo dantri.com

HA NOI (Biz Hub)—Gold prices slumped in the local market yesterday while the prices of the US dollar soared in the unofficial market.

Compared to yesterday rate, a tael of gold or 1.205 ounces of the State-owned brand SJC lost VND140,000 (US$6.2) in the selling side, trading at VND33.28 million (US$1,480.9).

On the buying side, the price of each tael also declined VND140,000 ($6.2), trading at VND33.05 million ($1,470.7).

The gap yesterday between selling prices and buying prices was VND230,000 ($10.2). The gap was often about VND100,000 ($4.4).

On the same day, Bao Tin Minh Chau Gold and Jewelry Company and Doji Gold both listed their selling prices at VNDD33.24 million ($1,479.1) while the buying prices were listed at VND33.2 million ($1,477.4) and VND33.18 million ($1,476.5), respectively.

Meanwhile, reuters.com reported that gold prices globally hit their lowest in nearly six years as the dollar rose and investors braced for the first U.S. interest rate rise in nearly a decade next month.

On the global gold trading website Kitco.com, the price of gold slipped another $14.3 per ounce to end at $1,069.80 per ounce or $1,304.3 per tael.

Thus, the price of one tael of gold in Viet Nam was about $177 higher than that on the world market.

In the foreign exchange market, while the dollar prices were stable in most of the commercial banks, the rates soared in the unofficial market, passing the ceiling price of the State Bank of VND22,547 per dollar.

The commercial bank of Vietcombank sold each dollar for VND22,500 and bought at VND22,420, the same rate as Tuesday.

Meanwhile, Quoc Trinh Gold and Jewellery Company in Ha Trung Street, which is popular for currency exchange in Ha Noi, bought each dollar for VND22,630 and sold each for VND22,680.—VNS