The price of gold at commercial banks declined sharply on May 20 after the State Bank of Vietnam (SBV) announced a commitment to stabilising the gold and forex market.

Central bank leaders stressed that they continued to monitor the situation of the gold and forex market closely and were willing to take any measures needed to stabilise the market.

On May 20, the forex rate continued to decrease by 30-40 VND per US dollar.

Currently, the rate is between 21,150 VND and 21,160 VND per US dollar for selling while buying price hovers at 21,070 VND to 21,110 VND per US dollar.

Vietcombank's morning rate sank between 20 VND and 30 VND to stand at 21,100 VND per US dollar for buying and 21,150 VND for selling.

The US dollar price at the Bank of Investment and Development of Vietnam (BIDV) was listed 30-40 VND per dollar lower, finishing at 21.100 VND and 21.150 VND respectively.

VietinBank also significantly reduced its buying price. Its greenback note was listed at 21,100 VND for buying and 21,155 VND for selling.

Similarly, Agribank's price was 21,095 VND per dollar for buying and 21,150 VND for selling.

Other commercial banks such as Techcombank, ACB and Dong A Bank also reduced their buying and selling prices. However, Eximbank and Sacombank did not. Their rates for buying and selling stayed at 21.080VND/21.160 VND and 21.080 VND/21,170 VND respectively.

The average inter-bank exchange rate was maintained at 21,036 VND per US dollar and the Central Bank's interest rate also hovered at 21,100 VND and 21,246 VND.

The nation posted a 19.5 tonne increase in gold demand in Q1 this year, including 4.5 tonnes of jewelry and 15 tonnes of gold bullions with a value of 810 million USD, a 5 percent rise compared to the same period last year, according to the latest report of the World Gold Council.

Last year, the nation ranked seventh worldwide in terms of gold consumption, importing 92.2 tonnes of gold worth 4.16 billion USD.-VNA