Gold bar price drops, USD hits ceiling

Gold bar price today decreased by 500,000 VND to 89 million VND per tael, while bank exchange rate hit the ceiling.

On November 4, Saigon Jewelry Company (SJC) and brands DOJI , PNJ... listed the buying and selling price of gold bars at 87 - 89 million VND, down 500,000 VND per tael compared to the end of last week. Similarly, at 4 state-owned banks, the selling price of gold bars on the market decreased by half a million VND, down to 89 million.

Plain gold rings today also dropped a few hundred thousand dong compared to the weekend. SJC dropped 400,000 dong in buying price to 87 million dong, and sold price dropped 200,000 dong, to nearly 88.7 million dong per tael. DOJI listed plain rings at 87.6 - 88.8 million dong. At Bao Tin Minh Chau, plain rings also dropped to nearly 87.8 - 88.8 million dong.

Gold price Domestic gold prices fell as precious metals in the international market adjusted, especially after a sharp decline on October 31. Currently, each ounce of gold is anchored around 2,735 USD, down 55 USD compared to the record of nearly 2,790 USD set last week.

Gold prices have just adjusted, but experts have a relatively optimistic view. The World Gold Council (WGC) believes that gold prices will continue to rise as they receive more attention from investors. Geopolitical instability, stemming from both the escalation of tensions in the Middle East and the polarized US presidential election, is also a factor supporting the price of precious metals. At the same time, the ongoing change in global interest rate policy will also promote further investor interest in precious metals.

Contrary to the decline of gold, the domestic USD price today increased. The central exchange rate increased by 9 VND compared to the weekend to 24,253 VND. With a 5% margin compared to the central exchange rate, commercial banks are allowed to buy and sell USD in the range of 23,040 - 25,465 VND.

Today, commercial banks also raised the USD price to the ceiling and near the record high. Vietcombank listed the exchange rate at 25,095 - 25,465 VND, a slight increase compared to the weekend. Eximbank announced the USD price at 25,110 - 25,465 VND, while BIDV also increased it to 25,125 - 25,465 VND.

In the free market, foreign currency exchange points today also raised the buying and selling price of US dollars by 90 VND, to 25,780 - 25,880 VND.

Source