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Gold prices following VND/US$ exchange increases
With the VND/US$ exchange rate unexpectedly exceeding the VND17/000/US$1 threshold yesterday, gold prices have been raised by gold trading companies.
While the gold price in the world is ‘motionless’ as the US and UK markets closed yesterday for a holiday, domestic prices have been skyrocketing with the news about the dollar’s revaluation.
At 11 am, Bao Tin Minh Chau Gold, Silver and Gemstone Company quoted the prices at VND17,250-17,550/US$1, purchasing-selling, respectively, increasing by VND630/US$1 and VND890/US$1 over yesterday morning.
However, the VND/US$ exchange rate has only been increasing slightly in the interbank market. Vietcombank this morning quoted the purchasing and selling prices of VND16,125/US$1 and VND16,221/US$1, respectively, up by VND5 and VND9/US$1 over yesterday. At Eximbank, the purchasing and selling price is the same, at VND16,221/US$1.
Reasoning the high prices of the dollar, SJC this morning announced its new sales prices: at 11 am, the company’s gold prices quoted on its website were VND18,620,000-VND18.7mil/tael (purchasing-selling), up by VND330,000/tael and VND360,000/tael over yesterday morning.
Meanwhile, the prices quoted by Bao Tin Minh Chau at the same time were lower, at VND18.5mil/tael, up by VND100,000/tael. PNJ bar gold was quoted at VND18.46mil-18.54mil/tael.
Chu Van Hoc, Deputy Head of SJC Hanoi’s Business Division, said that if gold import companies purchase dollars at VND16,500/US$1 to import gold, the gold will have the price of VND18.8mil/tael domestically.
The gold black market proves to be more lackluster than the US$ market. Hoc said that there have been no big changes in gold transactions at the company between yesterday and today.
Meanwhile, Tran Huu Dang, Head of Business Division under Bao Tin Minh Chau, said that transactions at the company saw sharp increases this morning. Most of the clients were buyers who rushed to buy gold on the news about the dollar and gold price increases.
Dang said he believed the VND/US$ exchange rate would soar to VND17,600/US$1 later today.
Unlike the gold black market, the sharp increases of the dollar made transactions on Saigon Gold Trading Floor soar this morning. 225,700 taels were successfully traded. In the last minutes of the trading session, the price was pushed high up to VND18.67-18.69mil/tael, even higher than that on the black market. There were more purchasing orders than selling, but the last minutes of the session witnessed the huge sales of 2,200-2,500 taels.
As said above, the Asian market this morning did not see considerable changes as the US and UK markets closed yesterday. The deals with spot deliveries remain at over $928/oz, while NYMEX’s price is approximately $928/oz.
Crude oil prices are still firmly on the rise. Light sweet oil with July delivery at NYMEX has increased by $1/barrel over yesterday’s closing price, exceeding the $133/barrel threshold.
VNN
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