Gold prices continue a downward plunge

The domestic price of gold at banks and gold stores continue to drop slightly by VND50,000 per tael to VND21.00 million per tael on June 15 due to a decrease in global gold prices.

Gold prices reached a record high of 21.65 million/tael on June 1. Currently, transactions in the domestic market are still frozen. This is attributed to the fact that many people who own gold are holding on to it while investors are tending to wait for a further decrease.

Domestic gold prices now hover around VND20.95 million per tael (purchasing price) and VND21.05 million (selling price).

On June 15, gold prices on the world market stood just below US$940/ounce.

Meanwhile, the value of the US dollar has trended upward after a meeting held in Lecce, southern Italy at the weekend with the participation of finance chiefs from the Group of Eight industrialized nations.

The same day, EUR/US$ in the international market was popularly traded at over 1/1.39.

The interbank rate of exchange for the US dollar announced by the State Bank of Vietnam on June 15 was VND16,949 while the rate at commercial banks such as Vietcombank and Eximbank was VND17,796.

VOV

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