The dollar strengthened the world gold price to fall continuously
The world gold price continued its downward trend from last week, because the dollar kept its momentum after the referendum of Catalonia, Spain. Domestically, gold prices fell to the lowest level in more than a month, but widened the gap with the world gold price.
At 10 o'clock this afternoon, DOJI Group listed SJC gold price for Hanoi market at 36.43 million dong / tael (bought in) and 36.51 million dong / tael (sold out). Compared to the end of yesterday's trading hours, the price of SJC gold bars at this business decreased by 30,000 VND / tael in the buying direction and 90,000 VND / tael in the selling direction.
In the HCMC market at the same time above, PNJ Company quoted SJC gold bar at 36.37 million VND / tael and 36.55 million VND / tael, respectively, buying and selling prices.
The DOJI gold price chart shows that the price of SJC gold bars in this business is currently at its lowest level since the end of August.
However, compared with the decline of world gold prices, the domestic gold price is more stable. This makes the difference between the domestic and world gold prices stretched, from the fact that the gold price of the two markets was almost equal at the beginning of September. This morning, the equivalent world gold price was about 34.9 VND million / tael, 1.4 million VND / tael lower than the retail price of SJC gold.
In August, the domestic gold price decreased by about 100,000 VND / tael, although it sometimes skyrocketed to 37 million VND / tael thanks to the push of the world gold price.
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On the international market, gold prices are under constant downward pressure from a strong dollar. At 10 o'clock this afternoon according to Vietnam time, the spot gold price in Asia decreased by 4.9 USD / oz, equivalent to 0.4%, to 1,275.5 USD / oz, nearly 100 USD / oz lower than A year's peak set at the beginning of last month.
Session on Friday in the US, gold prices closed at 1,280.4 USD / oz, down 7.3 USD / oz compared to the previous session.
Euro rate fell 0.3% against USD in Asian session this morning, after Catalonio region held a referendum on the separation from Spain to become an independent country. Although the results of the violent vote and illegally declared by the Spanish Government have not been announced, the Catalonio leader remains open to the possibility of secession.
The Dollar Index measures the strength of the dollar up by 0.3% this morning, reaching 93,381 points. The USD has risen sharply since last week after the President of the US Federal Reserve (FED) left open the possibility of raising interest rates in the meeting scheduled to take place in December.
Last weekend, US President Donald Trump interviewed a number of candidates for the Fed Chairmanship position when Yellen finished her term early next year. Markets are speculating that Mr Trump will choose Fed Governor Kavin Warsh for the position.
Mr. Warsh is said to be a tougher person on interest rates than Ms. Yellen, so if he is chosen, the progress of raising the prime rate of the dollar could be accelerated.
Domestically, the USD / VND exchange rate decreased slightly and kept a stable trend in both free markets and banks.
In Hanoi, some unofficial forex trading points quoted USD at 22,720 dong (buy in) and 22,740 dong (sell out), 5 dong lower than Friday. Vietcombank also dropped 5 dong of listing price of this foreign currency compared to Friday, to 22,690 dong and 22,760 dong respectively.