Last week, the domestic SJC gold price fluctuated strongly, evaporating nearly 1 million VND/tael, while the USD exchange rate cooled down after reaching the ceiling.

Gold prices fluctuate continuously

Gold prices fell sharply at the beginning of the week when the State Bank increased the VND/USD exchange rate. The USD price listed in the banking system increased to the ceiling of 22,547 VND, which directly affected the domestic gold price.

Gold prices fluctuated continuously last week.

Immediately after that, the gold price was pushed to its peak of 35.28 million VND/tael. However, after only 2 days, by the mid-week session (August 27), the gold price had returned to nearly 34 million VND/tael.

By the end of the week (August 29), gold prices tended to increase slightly, surpassing the 34 million VND/tael mark due to the appearance of retail demand from people. Gold prices on August 29 showed signs of increasing again after falling for the past week, but this was still the lowest level in the past month.

Currently, the price of SJC gold in Hanoi is traded by DOJI Gold and Gemstone Group at 34.25 million VND/tael (buy) and 34.45 million VND/tael (sell).

Meanwhile, Saigon Jewelry Company announced the buying and selling price of SJC gold in Ho Chi Minh City at: 34.05 - 34.55 million VND/tael.

The continuous decline in domestic SJC gold prices has made the domestic gold market quite gloomy. Economic experts say that the upward movement of gold prices cannot be confirmed in the short term.

In the world market, gold prices continued to decline. According to Kitconews, the price of Comex gold for December delivery last night "evaporated" 25.60/ounce to 1,134 USD/ounce.

In the past week, the total value of gold has decreased by 2.2%, which is also the lowest level since July 24.

USD exchange rate cools down

In the foreign exchange market, the exchange rate in banks continued to decrease on the morning of August 29. Specifically, Vietcombank reduced the selling price of USD to 21,490 VND, down 30 VND compared to the previous session. The buying price of USD also decreased 30 VND, to around 21,430 VND.

USD price starts to cool down.

Other banks have similar prices, the difference between banks only fluctuates around 5 - 15 VND/USD.

On the free market, on August 29, the exchange rate continued to decrease by a few dozen dong compared to yesterday. Some foreign exchange points in Hanoi said that USD is being traded at 22,640 - 22,700 dong, down 20 - 40 dong compared to yesterday.

The USD exchange rate began to cool down from the afternoon of August 26 after 3 consecutive days of "peaking" at 22,547 VND/USD. Banks said that the State Bank has sold a large amount of foreign currency to support liquidity, helping to stabilize the market./.

According to VOV