Both the USD/VND exchange rate and domestic gold prices surged, with the rate at commercial banks hitting an all-time high.
Specifically, the State Bank of Vietnam raised the central exchange rate by VND21 to VND25,091 per US dollar. Commercial banks followed suit with sharp increases. Vietcombank listed the dollar at VND25,975 for buying and VND26,345 for selling—up VND20 and VND22 respectively from the previous day. Likewise, BIDV raised both its buying and selling rates by VND22, quoting the dollar at VND25,985 and VND26,345. Compared to the start of the week, the USD/VND rate has climbed by around VND45.
In contrast, the unofficial market saw mixed movements, with the buying rate down by VND20 and the selling rate up by VND20, trading at VND26,370 and VND26,470 respectively.
Globally, the US dollar declined. The US Dollar Index (DXY), which tracks the greenback against six major currencies, slipped 0.1 point to 96.4—near its lowest level since late 2021—and is on track to fall 0.5 percent for the week.
Analysts attribute the decline to growing expectations that the US Federal Reserve may cut interest rates, as recent economic indicators continue to support a more accommodative monetary stance. Investors are also closely watching developments in US tariff policy and awaiting the June jobs report from the Department of Labor.
The US Senate passed President Trump’s sweeping tax cut and spending bill on July 2, which is expected to add US$3.3 trillion to the national debt. Meanwhile, Vietnam has reached a trade deal with the US that reportedly reduces proposed tariff levels from a previous rate of 46 percent.
Gold prices diverge: Domestic market surges while global prices ease
Despite a drop in international gold prices, domestic rates continued to climb. As of 10:20 a.m., Saigon Jewelry Company (SJC), Phu Nhuan Jewelry Company (PNJ), and Doji raised their gold bar prices by VND200,000 per tael on both the buying and selling sides, quoting SJC gold at VND118.9 million for buying and VND120.9 million for selling.
PNJ also increased its prices for 9999 gold rings by VND300,000 in the buying rate and VND400,000 in the selling rate, trading at VND114.8 million for buying and VND117.4 million for selling. SJC listed 9999 gold rings at VND114.3 million for buying and VND116.8 million for selling—up VND300,000 on both ends.
On the global market, gold closed in New York on July 2 at $3,356.92 an ounce, up nearly $20 from the previous session. However, by the morning of July 3 (Vietnam time), spot gold on Kitco had dropped to $3,346.30 an ounce—down about $10 from the New York close.
After conversion, international gold prices remain significantly lower than domestic rates. SJC gold is currently priced around VND12.6 million (over 11.8 percent) higher per tael, while plain gold ring price is about VND8.5 million (nearly 8 percent) more expensive.
According to analysts, this morning’s global gold dip may partially reflect optimistic trade news. In recent days, trade negotiations have regained market attention as the July 9 deadline approaches—the date when retaliatory tariffs are set to take effect.
