US dollar price rushes up, gold slumps

The price of the US dollar accelerated while gold slumped on the domestic market on June 4.

The US dollar price on the free market jumped to 18,000 VND from 17,750 VND the previous day. One US dollar was bought at 17,600-17,700 VND and sold at 18,000 VND at jewellery shops.

At commercial banks, the exchange rate was much lower, paying 16,268 VND per one US dollar. This amounted to an increase of 23 VND compared with the previous day’s rate.

Contrary to the US dollar price, gold price reduced by 100,000-150,000 VND per tael from June 3.

Gold trading companies on June 4 sold one tael of gold for about 18.35-18.39 million VND.

Analysts say the gold price decrease is due to the recovery of the US dollar, particularly amid signals the US Federal Reserve will halt the USD rate cut.

VNA

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