U.S. dollar firmer against Vietnam dong

04:19' PM - Thursday, 25/04/2019

The U.S. dollar shot to to over VND23,000 per dollar today, April 24, backed by the strong drop in the world gold price, according to Thanh Nien newspaper.

The State Bank of Vietnam revised upward the central reference rate between the Vietnamese dong and the greenback by VND8 to VND23,004.

On the informal market, the dollar dropped a slight VND5 to VND23,235 for buying and VND23,250 for selling, some VND10 lower than the quotations by local banks.

Vietcombank in the afternoon quoted the dollar at VND23,165 for buying and VND23,265 for selling.

Saigon Jewelry Company (SJC) lowered the gold buying price by VND10,000 to VND36.13 million per tael and the selling price by the same amount to VND36.3-36.32 million. One tael is equal to 1.2 troy ounces.

Meanwhile, Doji Group quoted the yellow metal at VND36.18-36.2 million per tael for buying and VND36.28 million per tael for selling. Domestic gold prices were higher than the global level by some VND700,000 per tael.

On the world market, gold slipped from US$1,274 to US$1,265.9 an ounce overnight, the lowest level recorded since October 2018, before recovering to US$1,270 this morning. The precious metal has lost over US$42.8 in the past 30 days, or 3.26%.

The decline was ascribed to the rallies of the U.S. stock market, with the Dow Jones Industrial adding 0.55% at 26,656.39, and the Nasdaq Composite reaching 8,120.82, up 1.32% against the previous session.

The dollar also appreciated against other currencies. The U.S. Dollar Index, which is used to measure the value of the dollar against a basket of six major currencies---the euro, Swiss franc, Japanese yen, Canadian dollar, British pound and Swedish krona---advanced 0.3 points to 97.6, even 97.71, the highest since June 2017. - SGT -

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