Saigon Jewelry Company listed the ring gold price at 79.5 – 82 million VND/tael, an increase of 300,000 VND/tael compared to yesterday.
Bao Tin Minh Chau Jewelry Company listed the ring gold price at 80.78 – 82.68 million VND/tael, up by 460,000 VND/tael.
Doji Group listed the ring gold price at 81 – 82.7 million VND/tael, an increase of 600,000 VND/tael.
The ring gold price unexpectedly increased after a week-long decrease of more than 6 million VND/tael.
Meanwhile, the large gold bar SJC price remained unchanged at 83.5 million VND/tael according to major gold businesses such as Saigon Jewelry Company, Bao Tin Minh Chau, Doji, and Phu Quy.
At the same time, the world gold price was listed at 2,563 USD/ounce, a decrease of 3 USD/ounce compared to yesterday.
Ring gold price rebounded after a deep week-long drop.
In the currency market, the State Bank of Vietnam increased the central exchange rate by 8 VND to a new high of 24,298 VND/USD. This is the fourth consecutive increase in the central exchange rate, with a total increase of 35 VND since the beginning of the week.
With a 5% margin, the USD exchange rate at commercial banks is allowed to fluctuate within the range of 23,083 – 25,513 VND/USD.
At commercial banks, the USD exchange rate continued to increase, reaching close to the permitted ceiling in today’s session. As a result, the selling price of USD at banks was 25,512 VND/USD, just 1 VND lower than the permitted ceiling and the highest level in history.
Commercial banks have consistently listed the USD exchange rate at the permitted ceiling or even higher in the past three weeks. Since the beginning of the year, the USD price at banks has increased by approximately 1,100 VND, equivalent to a 4.4% increase. Specifically, in October and November alone, the USD price increased by 3%.
In the free market, the USD price ranged from 25,658 – 25,758 VND/USD, a significant increase of 49 VND/USD in the buying rate and 39 VVD/USD in the selling rate compared to yesterday.
As the USD exchange rate faces significant pressure from the international market and the increasing foreign currency demand in the country, the State Bank of Vietnam is implementing two tools: issuing bills and selling foreign currency to curb the exchange rate, similar to the strategy employed in the second quarter and the beginning of the third quarter of this year.
The Greenback Bounces Back: USD Exchange Rates Surge
Today’s USD exchange rate on November 12, 2024, sees a rebound in USD prices at banks after a significant drop in the previous two sessions. Some banks increased their buying rates by 80-90 VND.
The Central Bank Governor Unveils a Special Relief Package: A VND 405 Trillion Loan Facility with Subsidized Interest Rates to Support Businesses and Individuals Affected by Natural Disasters
The Governor of the State Bank of Vietnam (SBV) has instructed credit institutions to focus on implementing solutions to support businesses and individuals affected by the recent typhoon. This includes debt restructuring and maintaining the current debt group classification as per existing regulations. The SBV has also directed credit institutions to consider reducing interest rates for those impacted by the storm, demonstrating a commitment to providing relief during challenging times.
The Greenback’s Freefall: A Sudden Surge
The US dollar surges on the black market, with a notable spike. While the selling rate in banks witnesses an increase, the buying rate takes a contrasting dip.
The Market’s Dour Outlook on Gold Prices as “Risk-On” Assets Reign Supreme Post-Trump Victory
Last week’s markets were dominated by the US Presidential election, and the precious metals sector was no exception, as expected. What was surprising was the pace of the volatility and the aggressive sell-off in gold, which has left market participants pondering the yellow metal’s future direction.
The Great Gold Crash
This morning (November 10th), the domestic gold market witnessed an unprecedented end to a week-long downward spiral. SJC gold and gold rings rebounded to the 85 million VND per tael mark.
