The price of gold in Vietnam climbed by VND350,000 per tael (1.2 ounces) on March 18 as the global bullion price jumped sharply, approaching US$2,000 an ounce.
After declining by VND1.3 million per tael the previous day, the price of gold in Vietnam continued to drop by VND1-1.4 million per tael to VND63.5 million per tael on September 28, following the losing momentum of the global gold price.
The VND/USD reference exchange rate, on September 20, was increased by VND6 per US dollar by the State Bank of Vietnam compared to the previous day, to be listed at VND23,301 per US dollar. The US dollar price at commercial banks also climbed by VND15-VND30 per US dollar.
The domestic gold price decreased by nearly VND1.5 million per tael (1.2 ounces) on the morning of July 21 as the global gold price dropped sharply, falling off the mark of US$1,700 an ounce.
Due to the unusual fluctuations in gold prices, gold trading enterprises expanded the gap between buying and selling prices to nearly VND2.6 million per tael (1.2 ounces) on July 19.
The price of gold in Vietnam, on February 22, approached nearly VND64 million per tael (1.2 ounces) as the global gold price surpassed the mark of US$1,910 an ounce due to escalating tensions between Russia and Ukraine.
The Vietnam stock market in the first trading session of the week on January 24 was quite negative when investors dumped stocks heavily. Foreign investors also net sold about VND220 billion on the HoSE.
As oil prices rose sharply, oil and gas stocks also jumped, helping to strengthen the uptrend of the stock market in the trading session on October 26.