HCMC – Domestic gold prices declined further on the morning of May 11, with SJC-branded gold bars falling by VND500,000-600,000 per tael from the close of the previous session, while the U.S. dollar at commercial banks edged up in line with global movements.
Saigon Jewelry Company (SJC) quoted SJC-branded gold bars at VND164 million per tael for buying and VND167 million for selling, down VND500,000 from the previous session. ACB also reduced SJC-branded gold bar prices by VND500,000 per tael, listing buying prices at VND164 million and selling prices at VND167 million. Mi Hong lowered SJC-branded gold bar prices by VND500,000 per tael to VND163.5 million for buying and VND165.5 million for selling.
Gold ring prices also moved lower. SJC quoted gold rings at VND163.5 million per tael for buying and VND166.6 million for selling, down VND500,000 from the previous session. Phu Quy listed gold rings at VND163.7 million for buying and VND166.7 million for selling.
The spread between buying and selling prices in the domestic market remained at around VND3 million per tael. Domestic gold prices have fallen a total of 3.3% over the past month, leaving buyers with losses of more than VND11 million per tael.
Globally, gold traded at around US$4,696 per ounce, down US$20 from the same time in the previous session. International gold prices hovered around US$4,700 per ounce following positive U.S. economic data, including stronger job growth and stable unemployment figures.
On the same morning, the State Bank of Vietnam (SBV) set the central exchange rate at VND25,118 per U.S. dollar, up VND6 from the end of last week.
At commercial banks, the U.S. dollar edged up. Vietcombank raised its transfer buying rate by VND6 to VND26,123 per dollar and its selling rate to VND26,373. ACB kept its transfer buying rate unchanged at VND26,120 per dollar while increasing the selling rate by VND6 to VND26,373.
