Market and product

After a week on the rise, the domestic gold price showed no signs of stopping today, December 30, as gold traders quoted their prices at higher levels.

Saigon Jewelry Company (SJC) quoted its gold price at VND42.13 million (over US$1,800) per tael for buying and VND42.53 million per tael for selling, up VND80,000 compared with last weekend. A tael is equal to 1.2 troy ounces, Nguoi Lao Dong newspaper reported.

In Hanoi, gold traders bought the yellow metal at VND42.32 million and sold it at VND42.52 million.

Since the gold price started to pick up, the price of each tael of SJC gold has soared by nearly VND1 million.

On the global market, the gold price stands at US$1,514 per ounce, up US$5 over last weekend, the highest level in seven weeks.

However, the global gold price was still VND100,000 lower than the domestic price.

For the U.S. dollar, the State Bank of Vietnam today quoted the central reference rate at VND23,167, down VND2 compared with last weekend.

Also, the greenback prices at local commercial banks were stabilized at VND23,110 for buying and VD23,230 for selling.

According to a macroeconomy report for 2019 issued by the BIDV Training and Research Institute, the central bank’s flexible policies have helped stabilize the exchange rate between the U.S. dollar and Vietnamese dong. - SGT-