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Gold prices fall, Vietnamese dong weakens

Gold prices slumped in the local market on November 18 while the prices of the US dollar soared in the unofficial market.
Gold prices fall, Vietnamese dong weakens ảnh 1(Photo: dantri.com)

Hanoi (VNA) - Gold prices slumped in the local market on November 18 while the prices of the US dollar soared in the unofficial market.

Compared to the previous day's rate, a tael of gold or 1.205 ounces of the brand SJC lost 140,000 VND (6.2 USD) in the selling side, trading at 33.28 million VND (1,480.9 USD).

On the buying side, the price of each tael also declined 140,000 VND (6.2 USD), trading at 33.05 million VND (1,470.7 USD).

The gap between selling prices and buying prices on November 18 was 230,000 VND (10.2 USD). The gap from early this week was about 100,000 VND (4.4 USD).

On the same day, Bao Tin Minh Chau Gold and Jewellery Company and Doji Gold both listed their selling prices at 33.24 million VND (1,479.1 USD) while the buying prices were listed at 33.2 million VND (1,477.4 USD) and 33.18 million VND (1,476.5 USD), respectively.

Meanwhile, reuters.com reported that gold prices globally hit their lowest in nearly six years as the dollar rose and investors braced for the first US interest rate rise in nearly a decade next month.

On the global gold trading website Kitco.com, the price of gold slipped another 14.3 USD per ounce to end at 1,069.80 USD per ounce or 1,304.3 USD per tael.

Thus, the price of one tael of gold in Vietnam was about 177 USD higher than that on the world market.

In the foreign exchange market, while the dollar prices were stable in most of the commercial banks, the rates soared in the unofficial market, passing the ceiling price of the State Bank of 22,547 VND per dollar.

The commercial bank of Vietcombank sold each dollar for 22,500 VND and bought at 22,420 VND, the same rate as November 17.

Meanwhile, Quoc Trinh Gold and Jewellery Company in Ha Trung street, which is popular for currency exchange in Hanoi, bought each dollar for 22,630 VND and sold each for 22,680 VND.-VNA

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