Gold hovers around 90 million VND/tael, USD/VND exchange rate increases sharply in buying direction

The world gold price at one point exceeded the 2,390 USD/ounce mark, pulling the SJC gold bar price back to the 90 million VND/tael mark after a slight decrease. Contrary to the sideways trend of gold, the USD/VND exchange rate at banks increased sharply in the buying direction.

USD/VND exchange rate increased sharply in buying direction

At Saigon Jewelry Company (SJC) and PNJ, SJC gold bars closed trading on May 17 at VND87.5 million/tael (buy) and VND90 million/tael (sell), unchanged from yesterday. Gold bar prices increased slightly again after a modest decline in the morning.

Meanwhile, DOJI Group, Phu Quy and Bao Tin Minh Chau are listing the selling price at 89.5 million VND/tael, down 100,000 - 200,000 VND/tael compared to yesterday. The difference between buying and selling prices is lower, only 2.1 million VND/tael.

The price of gold rings ended today also slightly decreased by 100,000 VND/tael to 75,250 VND/tael for buying and decreased by 200,000 VND/tael to 76,850 VND/tael for selling.

Gold prices generally traded sideways in the context of world gold moving sideways at a high level. Currently, the spot gold price is trading at 2,379 USD/ounce. The gold futures price for delivery in June 2024 on the Comex New York floor also inched up to 2,389.6 USD/ounce. Previously, there was a time when world gold had inched up above the 2,390 USD/ounce mark. The difference between the domestic gold bar price and the converted world price thus decreased to 15.4 million VND per tael.

While the gold market is quite quiet, the USD/VND buying rate at many major banks has increased sharply. At Vietcombank and VietinBank, the exchange rate is listed at 25,250 VND/USD (buying by transfer), an increase of 98 VND/USD compared to yesterday. Meanwhile, BIDV listed the buying rate at 25,255 VND/USD. Some private banks accept a lower buying rate, fluctuating between 25,220 - 25,230 VND/USD.

Meanwhile, on the selling side, the exchange rate is still at the ceiling level, at 25,450 VND/USD at most banks. The central exchange rate on May 17 was 24,239 VND/USD, corresponding to the maximum ceiling level of 25,450 VND/USD.

The US Dollar Index (DXY), which measures the greenback's strength against a basket of six major currencies, edged up slightly to 104.7 points after falling to its lowest level in five weeks. Overall, the USD continued to show a downward trend this week as US inflation figures were lower than expected and growth slowed. According to the US Bureau of Labor Services report on May 15, the consumer price index (CPI) increased 0.3% month-on-month, lower than the 0.4% increase forecast by experts participating in the Dow Jones survey. However, compared to the same period last year, the CPI increased 3.4%, matching the forecast. Excluding energy and food, the core CPI increased 0.3% month-on-month and 3.6% year-on-year, both matching expectations. This is also the lowest level in the 12-month period since April 2021.

Source: https://baodautu.vn/vang-linh-xinh-quanh-moc-90-trieu-dongluong-ty-gia-usdvnd-tang-manh-chieu-mua-d215416.html