Bank exchange rate cools down, gold falls below 120 million VND/tael

After approaching the $3,500/ounce mark a week ago, the gold price has been continuously falling and officially fell below the $3,300/ounce mark in the first trading hours when it reopened in the new week. Currently, the spot gold price is trading at $3,276/ounce. The price of gold futures for June 2025 delivery on the Comex New York floor has also decreased to $3,289/ounce.

The downward trend of world gold prices quickly affected domestic gold prices this morning. Saigon Jewelry Company (SJC) adjusted the price of SJC gold bars three times in the morning and is currently listed at VND117.5 million/tael (buy) and VND119.5 million/tael (sell), down VND1.5 million per tael in both directions. A week ago, the selling price of gold bars increased to VND124 million/tael on April 22. Investors could lose up to VND6.5 million per tael of gold bought in the record high price session last week.

For gold rings, many gold trading companies have reduced the selling price to 115 million VND/tael. Particularly, Bao Tin Minh Chau is still holding the price quite high when buying smooth round gold rings at 115.7 million VND/tael and selling at 118.5 million VND/tael.

In addition to the impact of world market developments, the domestic gold market is also being closely monitored. Last week, the State Bank of Vietnam, Region 2 branch, requested that businesses and credit institutions licensed to trade in gold bars in Ho Chi Minh City take measures to manage and supervise, strictly prohibiting all forms of manipulation such as speculation, price manipulation, profiteering, and that business locations publicly and transparently post gold prices for people to understand when making transactions.

Along with the downward trend of gold prices, the USD exchange rate at banks has also "cooled down" although the US Dollar Index (DXY) returned to touch the 100-point mark at the beginning of the week. The State Bank of Vietnam (SBV) this morning slightly reduced the central exchange rate to 24,960 VND /USD. Correspondingly, the ceiling exchange rate decreased to 26,208 VND/USD. Meanwhile, commercial banks lowered 30 VND/USD. At Vietcombank , the USD exchange rate is listed at 25,810 VND/USD (buying by transfer) and 26,170 VND/USD (selling). In the free market, the USD price is still high. Surveys at some stores are still high, the USD buying price is at 26,390 VND/USD, while the selling price is 26,490 VND/USD.

Investors are still waiting for a series of important economic data to be released this week. Of which, the focus of investors will be the first estimate of US GDP in the first quarter of 2025, with a forecast of growth of only 0.4% - the lowest level since the second quarter of 2022. This number, if correct as forecast, could indicate a weakening of consumer spending and the impact of surging imports due to the wave of tariffs. Along with that, the PCE index in March, the Fed's favorite inflation measure, is expected to slow down significantly. The April employment report will also be released, with the number of new jobs forecast to decrease significantly compared to the previous month, showing signs of a slowdown in the labor market. In addition, the first quarter profit reporting season of US businesses will enter a peak period with financial reports of "big guys" such as Apple, Microsoft, Amazon and Meta.

Source: https://baodautu.vn/ty-gia-ngan-hang-ha-nhet-vang-tuot-xuong-duoi-120-trieu-dongluong-d274675.html