SJC gold price drops hundreds of thousands of dong, dollar still hits ceiling

While each tael of SJC gold fell sharply this morning, the exchange rate has not cooled down, despite the State Bank lowering the ceiling interest rate on dollar deposits and sending out a message to stabilize the market.

Each tael of SJC gold this morning decreased by nearly one hundred thousand dong.

Opening at 8:15, the price of SJC gold bars was traded by DOJI Gold and Gemstone Group at 32.86 - 32.93 million VND. Each tael of gold decreased by about 100,000 VND compared to the closing price on the afternoon of December 17. Similarly, at Phu Nhuan Gold and Gemstone Company, the price of gold also decreased to 32.71 - 32.98 million VND per tael at 8:25.

Domestic prices fell sharply after the precious metal fell under pressure from the strengthening US dollar. The international price yesterday lost 1.2% and by 9am this morning (Hanoi time), each ounce of gold was only 1,054.3 USD. At this price, converted according to the bank exchange rate, each tael of gold is about 28.7 million VND.

The domestic gold price in the December 17 trading session increased slightly in the morning and then decreased immediately afterwards, fluctuating around 33 million VND per tael. After the hot news about the Fed was announced, foreign traders bought to balance the previous selling status. However, domestic investors appeared calm, not rushing to make decisions. It was not until early yesterday afternoon that investors started to return to the market to buy, which made gold bars "more firm" even when the international price decreased compared to the morning session. "It can be seen that the level of participation in transactions has appeared but is not really active yet, all buying decisions are still reserved and cautious," DOJI's analysis team observed.

While gold prices fell sharply, the US dollar continued to hover at its ceiling price of 22,517 - 22,547 VND despite the fact that yesterday, the State Bank continuously issued two major messages to stabilize the market. First, the statement of Deputy Governor of the State Bank Nguyen Thi Hong said that market supply and demand were stable, and the exchange rate increase was due to psychology. Then, at the end of the day, the operator issued a notice about the decision to lower the ceiling interest rate on US dollar deposits for individuals from 0.25% per year to 0%.

On the free market, each dollar is bought and sold at 22,730 - 22,760 VND (220 - 250 VND higher) than in banks.

According to VNE