Gold price today reversed to increase millions of dong, to nearly 91 million, while the domestic USD price dropped sharply.
Noon 13/2, Saigon Jewelry Company (SJC) listed gold bars at 87.7 – 90.7 million, an increase of one million dong in the buying direction and 500,000 VND for sale compared to the end of yesterday . Phu Nhuan Jewelry Company (PNJ) also announced the price around 87.7 – 90.7 million. The gold price at DOJI Gemstone Gold Group is 86.7 – 90.2 million.
People buy gold at a Kim Hoan shop in Binh Thanh District, February 2025. Image: Quynh Tran
Today’s smooth ring price is also increased by brands. SJC raised the slippery ring price to 87.7 – 90.5 million VND, an increase of more than one million VND to buy and 800,000 VND for sale. The smooth ring at PNJ also reached 89 – 90.65 million, and DOJI was 88.6 – 90.2 million.
Domestic gold price reversed increasing according to international metal development, sometimes increasing by 40 USD, surpassing 2,900 USD.
At 14:00 in Hanoi time, the world gold price anchored around US $ 2,913 per ounce, converted at Vietcombank’s selling rate, equivalent to VND 90 million. The difference in domestic and world gold price is less than one million dong per tael. Even smooth rings are only a few hundred thousand higher than the converted world price (excluding taxes, fees).
Today, the domestic USD price also cooled down yesterday. Vietcombank plummeted 120 dong both in both directions to buy and sell to 25,230 – 25,620 dong. At BIDV, the exchange rate dropped sharply to 25,220 – 25,580 VND, and Eximbank to 25,190 – 25,570 VND.
In the free market, foreign currency exchange points are currently trading in US dollar prices at 25,660 – 25,750 VND.
The State Bank today announced the central exchange rate at 24,572 VND per USD. With a amplitude of 5% compared to this level, commercial banks are allowed to buy and sell USD in the region 23,343 – 25,801. Reference rate at the State Bank Transaction Office increased by more than 20 dong in both trading directions, to 23,394 – 25,750 dong per USD.
A week ago, United Overseas Bank (UOB) also issued a report, forecasting USD/VND exchange rate tend to increase this year before tariff threats were considered “normal”.
UOB said it is likely that the exchange rate will continue to be anchored at a high level in the context of global risks that have not shown signs of cooling down. The Singapore bank forecasts the USD/VND exchange rate will move gradually to the highest level of 26,000 VND in the third quarter and cool down to 25,800 VND in the fourth quarter.
Earlier, money had a temporary time in January, when US President Donald Trump did not apply tax from the first day of office. This has helped the exchange rate decrease from a record high of nearly 25,500 to about 25,100 VND. However, this stability was quickly broken after Mr. Trump announced tariffs on Mexican, Canada and China goods in early February.