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Gold prices fall in world, domestic markets
The gold prices in Viet Nam dropped by VND100,000 or US$4.7 per tael, falling to its lowest level since mid-May.
Meanwhile, the world gold price slid for the fifth straight session in its longest losing streak since last November.
At the end of the morning session on June 2, one tael of the state-owned SJC gold was listed at VND36.36 million, or $1,731, at the Saigon Jewellery Company. On the global gold trading floor, Kitco.com, the gold price dropped by $4.4 per ounce and was listed at $1,246 per ounce or $1,501.4 per tael.
According to reuters.com, the world gold price was hurt by stronger global equities and weak physical demand in Asia, where consumers expect the gold prices to fall further.
Thus, each tael of gold in Viet Nam was $230 higher than in the world market, which was the highest gap over the past year.
One of the leading gold trading companies, the Bao Tin Minh Chau Jewellery and Gemstone Company (BTMC) advised its clients to be cautious while buying the yellow metal, as the high gap between the domestic and the global prices might bring them losses.
On the same day, most of the commercial banks reduced their US dollar exchange rate by VND10 to VND20 each, while the State Bank of Viet Nam kept its exchange rate of VND21,036 for $1, unchanged for the last 11 months.
The commercial banks of Vietcombank, BIDV and VietinBank set the buying and selling prices of $1 at VND21,130 and VND21,180 respectively, while ACB and Eximbank set it at VND21,105 and VND21,175, respectively.
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