Gold sets all-time fresh record, dollar edges up

Saturday’s gold price climbed to VND38.27 million a tael, breaking the all-time record of VND38.2 million a tael set in November last year, while dollar inched up to VND22,300 a dollar

Gold price on Saturday’s afternoon surged to VN38.27 from VND37.42 million a tael on Friday, breaking the all-time record of VND38.2 million a tael set in November last year.

The dong/US dollar FX rate edged up to VND22,300 a dollar from VND22,150 a dollar Friday.

The domestic price of gold is estimated to be VND1 million per tael higher than the world price.

The recent spikes in the price of gold are attributed to the State Bank of Vietnam’s decision to increase the VND/US exchange rate and the rising prices in the world market.

After implementing the regulation on adjusting the forex rate daily issued by the central bank on February 11, the VND/US dollar slipped to the lowest level against the first adjustment of VND20,693 US dollar.

The interbank FX rate in the interbank market Friday decreased from VND20,683/US dollar to VND20,678/US dollar, falling by VND5/US dollar.

vietnamnet, Tuoi Tre

>   Gold, dollar prices rise strongly (16/02/2011)

>   Gold climbs to six-week high (15/02/2011)

>   US dollar in Vietnam: The currency with three “sides” (15/02/2011)

>   Gold slips, dollar firms after Tet (09/02/2011)

>   Gold down to VND35.09 million/tael (26/01/2011)

>   Ministry refuses to cut gold export tariff (25/01/2011)

>   Gold to stay above US$1,750 per tael (25/01/2011)

>   Vietnam gold prices fall on weak global cues (24/01/2011)

>   Gold makes correction (21/01/2011)

>   Vietnam tries to ease dollar influences (21/01/2011)