Gold, dollar keep gaining strength
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Gold prices surged strongly right after the opening of the Friday trading session, reaching VND37.3-37.42 million a tael.
The dong/US dollar FX rate hovered around VND21,900-22,150 a dollar.
The increase in domestic gold price is VND520,000 higher than world prices due to the appreciation of US dollar on the free market. World gold price Thursday inched up $8 per ounce to $1,384.5 an ounce.
As more people prefer hoarding the precious metal to selling them, gold prices continue gaining luster due to rising demand, said Nguyen Cong Tuong, deputy head of the gold trading department under Saigon Jewelry Co (SJC).
At Phu Nhuan Jewelry Co (PNJ), the amount of sales these days are 2-3 times higher than the amount purchased.
By Friday afternoon, the price of the greenback on the free market softened to VND22,050-22,100 per dollar. Domestic gold prices also fell VND50,000 per tael compared to the morning peak.
After implementing the regulation on adjusting the forex rate daily issued by the central bank, the dong/US dollar slipped to the lowest level against the first adjustment of VND20,693 US dollar.
The interbank FX rate in the interbank market decreased from VND20,683/US dollar to VND20,678/US dollar, falling by VND5/US dollar.
Closing the trading session yesterday, in the domestic market, SJC gold price was at VND36.88-36.98 million a tael, increasing VND200,000 a tael during the trading session.
Also during the trading session, sometimes, gold jumped to VND37.1 million a tael.
