Domestic gold prices and the US dollar tumbled today, May 2, as demand remained weak after the recent five-day national holiday, the local media reported.
Saigon Jewellery Company (SJC) quoted gold prices at VND36.17 million and VND35.34-35.36 million per tael for buying and selling, respectively, higher than the world price by VND530,000 per tael. One tael is equal to 1.2 troy ounces.
Some banks cut greenback prices by VND10-VND20 per dollar, while traders on the unofficial market sharply widened the gap between the buying and selling prices.
Eximbank in the morning quoted the dollar at VND23,220 for buying and VND23,320 for selling, before revising them downward to VND23,200 and VND23,300, respectively. In the afternoon, the lender cut dollar prices further to VND23,190 and VND23,290.
Meanwhile, Vietcombank reduced greenback prices by VND20 to VND23,210 and VND23,310 for buying and selling, respectively. At Techcombank, the greenback was quoted at VND23,214 for buying and VND23,302 for selling, falling by VND28.
The State Bank of Vietnam, meanwhile, continued raising the central reference rate by VND5 to VND23,303.
On the unofficial market, traders cut the selling price by VND30 to VND23,310, while raising the buying price by VND20 to VND23,300. Some even raised the buying price to VND23,315.
Other currencies appreciated sharply. Vietcombank raised the British pound by VND367 to VND30,037 for buying and VND30,518 for selling, the euro by VND163 to VND25.681 and VND26,685 and the Canadian dollar by VND49 to VND17,076 and VND17,419.
https://english.thesaigontimes.vn/68058/gold-dollar-prices-tumble.html
