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Domestic gold prices fall sharply, as SJC slips below 170 million dong per tael. In line with global gold prices, the domestic gold market this morning continued to decline sharply, pulling the price of gold bars and SJC below the 170 million dong per tael threshold. At the opening of the morning trading session (Apr 22), the domestic precious metals market fell by 900,000 dong per tael, and the central exchange rate also recorded a decline of 2 dong. As of 9:15 a.m., SJC bullion prices at Saigon Jewelry Joint Stock Company (SJC), Phu Quy, and Doji Group were quoted at 167.2 million dong per tael for buying and 169.7 million dong per tael for selling. This price had fallen 900,000 dong per tael from the close on Apr 21. In the bullion segment, the market saw similar movements. Bao Tin Minh Chau and Phu Quy quoted from 166.7 million dong to 169.7 million dong per tael (buying to selling), also down 900,000 dong from the previous close (Apr 21). During the morning, the spread between bid and ask prices remained at 3-3.5 million dong per tael as gold traders hedged against price volatility. On the international market, the precious metal was trading around 4,753 USD per ounce, down 50 USD per ounce from the same time yesterday. Converted at Vietcombank's USD rate, this equates to about 150.9 million dong per tael. Thus, the SJC domestic gold price still trades about 18.8 million dong per tael above the world price. In step with gold markets, the foreign exchange market this morning also showed a downward trend. The State Bank of Vietnam quoted the central rate at 25,100 dong/USD, down 2 dong from yesterday's close (Apr 21). Following this development, exchange rates at commercial banks were adjusted lower by 2 dong from their close on Apr 21. In particular, Vietcombank posted a rate of 26,095-26,355 dong/USD (buy-sell); VietinBank 26,121-26,355 dong/USD; BIDV 26,125-26,355 dong/USD; and Eximbank 26,110-26,355 dong/USD (buy-sell).
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