SJC gold bar and USD prices surprised again at the end of the day

(NLDO) – The price of SJC gold bars and gold rings continues to increase while the price of USD at banks has decreased sharply after the State Bank's move.

On the afternoon of February 13, the price of SJC gold bars was listed by SJC and PNJ companies at VND87.7 million/tael for buying and VND90.7 million/tael for selling, an increase of VND300,000/tael compared to the morning. During the day, the price of gold bars increased by a total of VND500,000/tael.

Similarly, the price of 24K gold rings and jewelry gold of all kinds also increased to 87.7 million VND/tael for buying and 90.5 million VND/tael for selling, increasing by a total of 800,000 VND/tael during the day. The price of gold rings continued to recover more strongly than the world price.

Domestic gold prices increased even though the world price was trading around 2,911 USD/ounce, slowing down the increase compared to the morning. Currently, the world gold price converted according to the listed exchange rate is around 90 million VND/tael.

While the price of gold continues to increase, the price of USD has had remarkable fluctuations. The price of USD at banks suddenly decreased sharply although the central exchange rate continued to increase. This afternoon, the central exchange rate was listed by the State Bank at 24,572 VND/USD, an increase of 22 VND/USD compared to yesterday.

USD price drops at banks

The State Bank also continued to raise the selling price of USD on the interbank market to 25,750 VND/USD, an increase of 28 VND compared to yesterday. This is the third day that the selling price of USD has increased after a period of stability, with a total increase of 300 VND/USD.

Meanwhile, commercial banks such as Vietcombank, BIDV, and Eximbank traded USD at 25,300 VND/USD to buy and 25,660 VND/USD to sell, down 120 VND/USD compared to yesterday.

Speaking to a reporter from Nguoi Lao Dong Newspaper this afternoon, Mr. Dinh Minh Tri, Head of Analysis, Individual Clients, Mirae Asset Securities Company (MAS), said that the State Bank's move is to proactively loosen the upward momentum of the USD/VND exchange rate within a suitable range to respond to developments of the USD in the international financial market.

With this solution, instead of selling foreign currency to intervene in the market, the State Bank proactively increases the exchange rate so that organizations and businesses can sell foreign currency to the market, instead of hoarding it or waiting for the exchange rate to increase further.

Mr. Nguyen Thanh Lam, Director of Analysis, Personal Client Division, Maybank Securities Company, also commented that the State Bank's continuous adjustment to increase the USD selling price in the past 3 days shows a flexible and cautious approach in managing exchange rates.

The management agency has not yet needed to sell foreign currency reserves to stabilize the exchange rate, but is using the central exchange rate adjustment tool, showing that the State Bank is prioritizing close monitoring of market developments, especially external factors such as fluctuations of the USD in the international market and monetary policies of major central banks.

"The cooling of USD prices at commercial banks today may be due to many factors. One of the reasons may be the weakening of the USD Index in the international market, leading to downward pressure on the USD in the domestic market. The State Bank's adjustment of the central exchange rate also contributed to calming the market and reducing pressure on USD prices at commercial banks," said Mr. Lam.

Source: https://nld.com.vn/gia-vang-mieng-sjc-va-usd-lai-gay-bat-ngo-vao-cuoi-ngay-196250213160634411.htm