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Gold prices fell sharply at the start of the week as SJC gold traded around 171.3 million VND per tael. The domestic SJC bullion price was quoted at 168.3 million VND per tael for buying and 171.3 million VND per tael for selling (Photo: Vietnam+). Opening morning session on 20 April, the domestic precious metals market cooled with declines of 500,000 to 700,000 dong per tael for both bullion and jewelry. In contrast to the price decline, the foreign exchange market saw a slight uptick in the central rate. As of 9:15 a.m. today, SJC bullion prices at Saigon Jewelry Company (SJC), Phu Qu and Doji Group were quoted at 168.3 million VND per tael (buy) and 171.3 million VND per tael (sell). These levels were down 700,000 dong per tael from the close on 18 April. Similarly, jewelry prices by Phu Quy and Bao Tin Minh Chau were quoted in the range of 168 million to 171 million per tael (buy-sell), down 500,000 dong per tael from the end of the previous week (18/4). During the morning, the bid-ask spread remained at 3 million dong per tael to manage price volatility risk. On the international market, the precious metal was trading around 4,802 USD/ounce. Converting to VND using Vietcombank's USD rate yields about 152.4 million VND per tael. Thus, the domestic SJC price remains about 18.9 million dong per tael above the world price. In the foreign exchange market, the State Bank of Vietnam set the center rate at 25,103 VND/USD, up 1 dong from the close of the previous week (17/4). Following this move, the exchange rates at commercial banks were adjusted accordingly by 1 dong. Vietcombank quoted 26,098 - 26,358 VND/USD (buy/sell); VietinBank 26,134 - 26,358; BIDV 26,128 - 26,358; Eximbank 26,120 - 26,358 (buy/sell).
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