SJC gold bars up to nearly 124 million VND/tael, exchange rate remains unchanged

On the morning of August 5, the State Bank announced the central exchange rate at 25,219 VND/USD, down another 21 VND/USD, marking the second consecutive decrease. In total, the central exchange rate decreased by 30 VND/USD in just the first two days of the week, bringing the ceiling exchange rate down to 26,479 VND/USD. At commercial banks, the listed exchange rates continued to move sideways. Vietcombank announced the exchange rate at 26,010 VND/USD for buying and 26,370 VND/USD for selling, significantly lower than the prescribed ceiling.

Pressure on the exchange rate has eased thanks to the weakening of the USD in the international market. The US Dollar Index (DXY) fluctuated around 98.7 points. The DXY index had reached 100 points at one point but quickly fell under pressure after the weak employment report on August 1. Data from the Bureau of Labor Statistics (BLS) of the US Department of Labor showed that the number of jobs in the US non- agricultural sector increased by only 73,000 jobs in July, much lower than market expectations.

The bureau also sharply revised down the previous month's new jobs figures, bringing the total number of new jobs in May and June to just 33,000, down 258,000 from the first published figures. After the dismal report, President Trump fired commissioner Erika McEntarfer on charges of manipulating employment data. At the same time, this figure reinforced market expectations that the US Federal Reserve (Fed) would cut interest rates in September. The odds of the Fed cutting its benchmark interest rate by 25 basis points rose to more than 89%. Previously, at the interest rate policy meeting on July 30, the Fed decided to keep interest rates unchanged at 4.25-4.5%. However, for the first time in more than 30 years, there was a "dissension" when two members voted against the majority decision.

However, investors are still waiting for more US economic data and watching for the impact of renewed trade tensions. President Donald Trump has threatened to significantly increase tariffs on India over its continued imports of Russian oil, while the EU has announced a six-month pause on plans to impose retaliatory tariffs on the US to allow time for further negotiations.

The exchange rate was also supported by some domestic factors. Overnight interbank interest rates fell sharply early last week and edged up significantly on Friday, further widening the VND-USD overnight interest rate gap. A week ago, the USD exchange rate surpassed VND26,400/USD for the first time.

According to experts from Yuanta Securities, in the last week of July, the liquidity of the system has eased. Although interbank interest rates increased on Friday, overnight interest rates still decreased by 114 basis points to 5.36%, 1-week interest rates to 5.35% (-112 points), 2-week interest rates to 5.07% (-138 points). The difference between VND and USD overnight interest rates at the end of last week was at 97 basis points.

On July 31, the State Bank of Vietnam (SBV) announced that it had adjusted to increase credit room for banks in the context that the whole system's credit as of July 28 had increased by 9.64% compared to the end of 2024. With the slight increase in deposit interest rates in recent weeks by some banks along with the expansion of credit room, Yuanta Securities Research and Analysis Department continues to hold the view that deposit interest rates may increase slightly in the second half of 2025 while lending interest rates will remain low to support economic growth according to the Government's orientation.

In contrast to the stable exchange rate, in the first two days of the week, the price of SJC gold bars adjusted slightly after suddenly increasing at the end of the week following the world gold surge and increased strongly again this morning. SJC gold bars at Saigon Jewelry Company listed the buying price at 121.2 million VND/tael and the selling price at 123.8 million VND/tael, an increase of 500,000 VND/tael compared to yesterday. Meanwhile, the price of plain round gold rings at Bao Tin Minh Chau also traded around 120 million VND/tael for the selling price.

Meanwhile, in the international market, the spot gold price is hovering around $3,370/ounce after three consecutive sessions of increase. In addition to weaker-than-expected employment data, President Donald Trump's move also strengthened the buying power of the safe haven. Mr. Trump unexpectedly fired the Commissioner of the Bureau of Labor Statistics after the negative employment report was released, as well as raising concerns about the independence of the Fed.

Source: https://baodautu.vn/vang-mieng-sjc-len-sat-124-trieu-dongluong-ty-gia-di-ngang-d349850.html