Saigon Jewelry Company listed the ring gold price at 79.8 – 82.3 million VND/tael, an increase of 300,000 VND/tael in both buying and selling prices compared to yesterday.
Bao Tin Minh Chau Jewelry Company listed the ring gold price at 81.03 – 82.68 million VND/tael, an increase of 250,000 VND/tael in the buying price compared to yesterday.
DOJI Group listed the ring gold price at 81 – 82.7 million VND/tael.
Ring gold price increased for the second consecutive session after a sharp decline last week.
This is the second consecutive session of increases for ring gold prices after a deep fall of more than 6 million VND/tael last week.
Many investors took the opportunity to buy, but some large gold shops limited the quantity sold per day. Some shops limited sales to one tael per day and served only 60 customers per day, and some even ran out of ring gold for sale.
Meanwhile, the large gold bar enterprises such as Saigon Jewelry Company, Bao Tin Minh Chau, DOJI, Phu Quy, etc., kept the selling price of SJC gold bars unchanged at 83.5 million VND/tael.
At the same time, the world gold price remained unchanged at 2,563 USD/ounce.
In the currency market, this morning, the exchange rate center at the State Bank was kept at 24,298 VND/USD. Commercial banks also kept the USD selling price unchanged from yesterday.
Vietcombank listed the USD price at 25,160 – 25,512 VND/USD, buying and selling; BIDV at 25,190 – 25,512 VND/USD; Techcombank reduced the buying rate by 10 VND and kept the selling price unchanged at 25,135 – 25,512 VND/USD.
The USD price in the free market decreased by 20 VND in the buying rate and 11 VND in the selling rate compared to yesterday, to 25,600 – 25,709 VND/USD.
The Golden Ring’s Price Surge: A Sudden Jump
This morning (November 16th), gold ring prices rebounded with some brands seeing increases of up to half a million VND per tael. Meanwhile, SJC gold prices remained stagnant, and USD exchange rates showed no signs of cooling off.
“Central Bank’s Delicate Dance: Nudging Up Reference Exchange Rates, Interbank USD Rates Hovering Near Intervention Threshold.”
The interbank USD rate is just 50 cents below the SBV’s intervention selling rate. Meanwhile, the central rate was increased for the fourth consecutive session by the SBV, reaching a record high.
The Dollar Dilemma: Navigating the Currency Conundrum.
The USD/VND exchange rate has been extremely volatile, causing concern for businesses that import raw materials for production.
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.
What Does the Latest Intervention in Exchange Rates by the Authorities Tell Us?
As the US dollar to VND exchange rate continues its upward trajectory, the State Bank of Vietnam has announced its decision to sell foreign currencies on the spot market to meet market demand. This proactive move by the central bank raises questions about its timing and potential impact on cooling down the market.
