Gold prices fall sharply

Domestic gold prices have dropped remarkably for three successive days, hovering around VND43.5 million at 8.30 am on December 14.

SJC gold was traded at VND43.55 million-VND43.8 million in Ho Chi Minh City but VND20,000 per tael higher in Hanoi.

Meanwhile, the State Bank of Vietnam (SBV) has increased the interbank exchange rate to VND20,831 per US dollar, a record high since it remained unchanged for 41 days.

As of October 4, the exchange rate had risen by 0.9 per cent, meaning that the next adjustment must not exceed 0.1 per cent, following the SBV Governor’s commitment.

Some commercial banks like ACB, Eximbank and Vietinbank, have also raised their exchange rates following the SBV’s decision. While Vietcombank has maintained its rate at VND21,005-VND21,011 per US dollar.

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>   Gold falls VND300,000 per tael  (09/12/2011)

>   Prices keep falling for all gold bullion without crucial brand (08/12/2011)

>   Gold, dollar regain  (08/12/2011)

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