Gold jewelry trading takes place at a Bao Tin Minh Chau Jewellery shop in Ha Noi. (Photo: VNA)

Commercial banks altogether shot up the US Dollar price on September 29 while tapering the gold price to under 34 million VND (1,512 USD) per tael.

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and the Bank for Investment and Development of Vietnam (BIDV) posted their US dollar buying and selling prices at 22,450 VND – 22,510 VND, 5VND higher.

The Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) added another 10 VND to each US dollar transaction with the exchange rate listed at 22,445 VND- 22,515 VND.

Meanwhile, the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) applied the dollar’s buying and selling rates of 22,420 VND – 22,520 VND, 20 VND higher than September 28.

The State Bank of Vietnam (SBV) recently decided to reduce the annum interest rate to zero percent for USD deposits by organisations and 0.25 percent for individuals. The SBV said the decision has no effect on the liquidity of foreign currency.

According to Vietinbank Director General Le Duc Tho, stellar liquidity has been seen within the Vietnamese commercial bank system in general and Vietinbank in particular. He said that thanks to the SBV’s adjustment of foreign exchange rates, foreign currency’s liquidity has been improved in the banking sector while foreign currency loans have been controlled safely.

On the same day, the gold price at the Saigon Jewellery Company (SJC) fell by 100,000 VND (4.48 USD) for one tael from the previous day with buying and selling prices pegged at 33.67- 33.89 million VND (1,497-1,507 USD).

Bao Tin Minh Chau Jewellery Company reduced 50,000 VND (2.24 USD) per tael of gold’s buying rate, dropping it to 33.79 million VND (1,502 USD) and selling for 33.85 million VND (1,505 USD), 70,000 VND (3.1 USD) higher over yesterday’s rates.

In the international markets, gold prices tended to fall dramatically over the US employment report expected to be announced this weekend, which could enhance the possibility the Federal Reserve will hike interest rates within the year.-VNA