Gold price drops, USD remains 'tight'

This morning, July 20, the price of SJC gold is anchored at 121 million VND/tael. Over the past week, the price of gold has decreased by half a million VND/tael; the USD price is still under a lot of pressure.

SJC gold bar price remains high at 121 million VND/tael

Saigon Jewelry Company listed the price of SJC gold bars at 119.5 - 121 million VND/tael (buy - sell), down half a million VND/tael after 1 week.

Other gold trading businesses also listed the price of SJC gold bars at a high level of 121 million VND/tael.

The price of gold rings is 1.9 - 5 million VND/tael lower than that of gold bars, depending on the brand. Specifically, Bao Tin Minh Chau Company Limited listed the highest price of gold rings on the market at 116.1 - 119.1 million VND/tael, down 400,000 VND/tael after 1 week; Phu Quy Gold and Gemstone Group listed the price of gold rings at 114.8 - 117.8 million VND/tael...

In the currency market, this morning, the State Bank listed the central exchange rate at 25,185 VND/USD. With a trading band of ±5%, the ceiling exchange rate applied is 26,444 VND/USD and the floor exchange rate is 23,926 VND/USD.

The USD price at banks is 25,950 - 26,340 VND/USD. On the free market, the USD price is around 26,385 - 26,455 VND/USD.

Expert Can Van Luc said that the USD exchange rate has fluctuated a lot in recent times due to many reasons.

Specifically, the State Bank of Vietnam is still trying to maintain low interest rates in the interbank market, currently fluctuating around 4%. This interest rate is lower or equal to the interest rate of the USD, creating a phenomenon of shifting capital flows abroad in search of higher yields.

Another reason for pressure on the exchange rate is the tariff risk. This risk is being assessed as a challenge and difficulty for global trade, and if it continues to develop complicatedly, Vietnam's exports will be negatively affected.

Mr. Luc predicts that the USD exchange rate will likely be smoother in the last 6 months of the year. The reason is that the US Federal Reserve will reduce interest rates for the rest of 2025. When the USD interest rate decreases, the capital flow back to foreign countries will decrease, reducing pressure on the domestic exchange rate. If the tariff story becomes clearer, Vietnam's export activities will be less disrupted and can recover stably. With these factors, the Vietnamese Dong is forecast to depreciate by about 3-4% in 2025, which is acceptable in the current context.

Pioneer

Source: https://baohaiphongplus.vn/gia-vang-giam-usd-van-cang-416798.html