Gold prices slip, US dollar has slight surge

Domestic gold prices dropped by between 250,000-300,000 VND per tael, while the price of the US dollar saw a slight increase on July 23.

Bao Tin Minh Chau Jewellery Co late on the day listed buy/sell prices at 18.92-19.07 million VND per tael [a tael is equivalent to 1.2 ounces] and gold of the HCM City-based Sai Gon Jewellery Co (SJC) is a bit lower at 18.91-19.05 million VND per tael.

Gold traders said the drop in domestic prices is due to a slippage on the world market, reducing to below 950 USD per ounce.

Contrary to gold prices, the price of the US dollar on the free market surged by 150-300 VND per unit, bought in at 16,800 VND and sold at 17,000 VND per USD.

However, commercial banks offered lower prices, with listed buy/sell prices at 16,650-16,750 VND for one USD. The inter-bank exchange rate average stood at 16,496VND/USD.

VNN

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