By the end of today, February 12th, world gold prices had plummeted by another $18.5/ounce, falling to around $2,880/ounce, causing domestic gold prices to drop sharply.
Gold prices plummet after hitting a record high - Photo: THANH HIEP
In two days, the price of gold worldwide fell by $60 per ounce.
Thus, in just two days, the world gold price has fallen by a total of $60/ounce from its peak, equivalent to approximately 1.86 million VND/ounce.
Based on the exchange rate listed at banks, the current world gold price is equivalent to 89.37 million VND per tael.
Today, the price of SJC gold bars decreased by another 300,000 VND/ounce compared to the end of yesterday, reaching 90.2 million VND/ounce. The buying price is now 86.7 million VND/ounce.
However, today the price of gold rings is no longer equal to the price of SJC gold bars as it was yesterday, but has fallen sharply to 89.7 million VND/ounce (selling price) and 86.7 million VND/ounce (buying price).
At PNJ Company, the selling price of 9999 gold rings reached 90.1 million VND/ounce, while the buying price was 87.9 million VND/ounce.
In recent days, world gold prices have fluctuated sharply, so gold companies have widened the spread between buying and selling prices to 2.2 million VND/ounce to 3.5 million VND/ounce. This spread is 2-3 times higher than usual and shifts the risk to buyers.
At Bao Tin Minh Chau Company, the price of 9999 gold rings also plummeted to 90.15 million VND/ounce by the end of the day. The buying price dropped to 88.3 million VND/ounce.
At Mi Hong gold shop, the selling price of SJC gold bars at the end of today was only 89.7 million VND/ounce, a decrease of 200,000 VND/ounce compared to the end of yesterday, while the buying price was 88.3 million VND/ounce.
Compared to the converted world gold price, the price of SJC gold bars is currently 830,000 VND/ounce higher, while the price of 9999 gold rings is 330,000 VND/ounce higher.
The USD price is soaring.
The US dollar has been continuously rising in recent days - Photo: QUANG DINH
Notably, the USD exchange rate has been continuously rising in recent days.
While the selling price of USD at Vietcombank was only 25,500 VND/USD on February 3rd, today it has reached 25,740 VND/USD, equivalent to an increase of 240 VND/USD just over a week after Tet.
The buying price of USD also increased accordingly, reaching 25,350 VND/USD today.
At Eximbank, the selling price of USD also increased to 25,740 VND/USD, while the buying price was 25,360 VND/USD.
At Sacombank , the selling price of USD rose to 25,730 VND/USD, while the buying price was 25,370 VND/USD.
In the free market, the selling price of USD is 25,732 VND/USD, and the buying price is 25,632 VND/USD.
The central exchange rate listed by the State Bank of Vietnam today is 24,500 VND/USD, an increase of 28 VND compared to yesterday.
Along with adjusting the central exchange rate, the State Bank of Vietnam also increased the selling price of USD in the interbank market by 29 dong to 25,727 dong/USD.
Since the beginning of 2025, the central exchange rate has increased by approximately 321 VND/USD.
Regarding exchange rates, the global market and economic research department of UOB Bank (Singapore) believes that, in the context of rising inflation expectations in the US, the USD is the main beneficiary of the "tariff risk premium".
"We forecast the USD index to rise to 112.6 in Q2 2025. UOB's forecast of a 25 basis point interest rate cut by the Fed this year is now in stark contrast to the expected 75 basis point cuts from the European Central Bank (ECB), 100 basis point cuts from the Bank of England (BOE) and the Reserve Bank of Australia (RBA), and 125 basis point cuts from the Reserve Bank of New Zealand (RBNZ) for the remainder of 2025."
"The widening interest rate differential will be a key driver of the USD against other major currencies, further strengthening the USD in the first half of 2025. The EUR will also face additional pressure from the ongoing tariff threat from the US," UOB noted.
UOB also forecasts that the USD/VND exchange rate will reach 26,000 VND/USD in the third quarter of this year.
Source: https://tuoitre.vn/gia-vang-lao-doc-khong-phanh-gia-usd-tang-vun-vut-20250212200210316.htm
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