Domestic
gold prices fell sharply by about 1.3 million dong per tael, in line with the international gold price, trading around 165 million dong per tael. At 10:00, SJC gold bars quoted by Saigon Jewelry Co., Phu Quy Co. and Doji Group were 162 million dong per tael (buy) and 165 million dong per tael (sell), down 1.3 million dong per tael from the May 4 close.
In the jewelry segment, Bao Tin Minh Chau traded around 162-165 million dong per tael, also down 1.3 million; Phu Quy quoted 162-165 per tael (buy-sell), down 1 million from the previous close.
During the morning, the spread between buy and sell prices remained at 3 million dong per tael as retailers hedge against price volatility.
On the international market, the precious metal hovered around $4,539 per ounce, down $65 per ounce from the prior close. When converted at Vietcombank's USD rate, this equates to about 144.5 million dong per tael. Thus, domestic SJC gold remains about 20 million dong per tael above the world price.
In the foreign exchange market, the State Bank of Vietnam's central rate was 25,111 VND/USD, down 1 dong from the prior close. Interbank rates at commercial banks were also reduced by about 1 dong: Vietcombank 26,106-26,366 VND/USD (buy-sell); VietinBank 26,125-26,366; BIDV 26,136-26,366; Eximbank 26,130-26,366 (buy-sell).
