The world gold price fell to its lowest level in a week on May 12, while the local gold price rose steadily in the Vietnamese market.

The forex rate, meanwhile, remained stable.

The world gold price fell to 1,289.2 USD per ounce or 1,553.4 USD per tael on the gold trading floor

Meanwhile, the gold price in Vietnam rose to 35.63 million VND, or 1,696 USD, per tael, as listed by the state-owned Saigon Jewellery Company (SJC) on May 12.

Thus, each tael of gold in Vietnam was 143 USD higher than in the world market.

The euro hovered near a month's low over fears of policy action by the European Central Bank, shrugging off demands for safe havens due to the escalating violence in Ukraine.

On the same day, Vietcombank and the other commercial banks maintained an exchange rate of 21,120 VND per US dollar, the same as last week. This was with the exception of Sacombank which raised its dollar selling price to 21,130 VND.

The State Bank of Vietnam kept the US dollar's exchange rate at 21,036 VND on May 12, which has been the rate for the past 10 months.-VNA