Vietnam gold rises despite global fall
The world gold price fell to its lowest level in a week on May 12, while the local gold price rose steadily in the Vietnamese market.
The world gold price fell to US$1,289.2 per ounce or US$1,553.4 per tael on the gold trading floor Kitco.com.
Meanwhile, the gold price in Vietnam rose to VND35.63 million, or US$1,696, per tael, as listed by the state-owned Saigon Jewellery Company (SJC) on May 12.
Thus, each tael of gold in Vietnam was US$143 higher than in the world market.
The euro hovered near a month's low over fears of policy action by the European Central Bank, shrugging off demands for safe havens due to the escalating violence in Ukraine.
On the same day, Vietcombank and the other commercial banks maintained an exchange rate of VND21,120 per US dollar, the same as last week. This was with the exception of Sacombank which raised its dollar selling price to VND21,130.
The State Bank of Vietnam kept the US dollar's exchange rate at VND21,036 on May 12, which has been the rate for the past 10 months.