SJC gold prices drop by hundreds of thousands of dong, while the dollar remains at its peak.

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

Each SJC gold bar dropped by nearly 100,000 dong this morning.

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

Domestic gold prices fell sharply after the precious metal dropped due to pressure from the strengthening US dollar. International prices yesterday lost 1.2% and by 9:00 AM today (Hanoi time), each ounce of gold was only $1,054.3. At this price, converted using the bank exchange rate, each tael of gold is approximately 28.7 million VND.

Domestic gold prices on December 17th saw a slight increase in the morning before falling shortly afterward, fluctuating around 33 million VND per tael. Following the release of breaking news regarding the Fed, foreign traders bought to balance their previous short positions. However, domestic investors remained calm and did not rush to make decisions. It wasn't until early yesterday afternoon that investors began to return to the market to buy, which helped to stabilize gold prices even as international prices fell compared to the morning session. "While some trading activity has emerged, it's not yet truly vibrant; all buying decisions remain cautious and reserved," the DOJI analysis team observed.

While gold prices fell sharply, the US dollar continued to remain high, trading at 22,517 - 22,547 VND, despite the State Bank of Vietnam issuing two major statements yesterday to stabilize the market. First, Deputy Governor Nguyen Thi Hong stated that market supply and demand were stable, and the exchange rate increase was due to sentiment. Later in the day, the central bank announced its 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