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Domestic gold prices declined, trading near 168.5 million dong per tael, as both international bullion prices and the exchange rate moved modestly.
Two domestic gold brands decreased this morning. Selling prices were around 168.5 million dong per tael, after domestic prices reversed and fell by 300,000 dong, tracking the global move.
At 9:00, SJC bullion prices at Phu Quy and Doji were quoted at 166 million dong per tael on the buy side and 168.5 million dong per tael on the sell side. This is 300,000 dong lower than the close on 25/4.
Meanwhile, SJC prices at Saigon Jewelry Co. were unchanged, at 166.3-168.8 million dong per tael.
In the bullion segment, prices moved in a similar direction. Bao Tin Minh Chau traded around 165.8-168.8 million dong per tael, unchanged.
By contrast, Phu Quy quoted 165.5-168.5 million dong per tael (buy-sell). The spread between buying and selling prices remained at 3-3.5 million dong per tael to hedge against price swings.
On the international market, gold was trading at about 4,674 USD per ounce, down 5 USD from yesterday. Converted at the Vietcombank USD rate, this equates to roughly 148.5 million dong per tael.
As a result, the domestic SJC price remains about 20 million dong per tael higher than the world price.
For the foreign exchange market, the State Bank of Vietnam set the central rate at 25,111 dong per USD, down 2 from the previous close (24/4). Following this, commercial bank rates also moved down by 2.
Vietcombank quoted 26,106-26,366 dong/USD (buy-sell); VietinBank 26,125-26,366; BIDV 26,136-26,366; and Eximbank 26,140-26,366 (buy-sell).
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