After two days of increasing the interbank (NH) exchange rate by about 2.1%, the bank's USD/VND exchange rate increased by a full margin of 3%, to 19,500 VND/USD. Domestic gold prices continue to be lower than in the world. Some banks collect gold bars to make raw jewelry and then export them, causing gold prices to increase further.

People sell, banks collect

Early on August 20, the price of gold increased by 13 USD/ounce, to 1,235 USD/ounce, due to international financial institutions increasing their purchasing power, of which the SPDR Gold Trust investment fund bought 12.8 tons of gold only. in 3 trading sessions (August 17 to 19). In Vietnam, SJC gold jumped to 28.86 million VND/tael.

On the foreign exchange market, the USD/VND exchange rate at banks increased within the allowable range of 3%, to 19,460 VND/USD (buying), 19,500 VND/USD (selling). Gold shops bought at 19,510 VND/USD, sold at 19,540 VND/USD.

Thus, from August 18 (the time of increasing interbank exchange rates), foreign exchange rates inside and outside banks have increased by 240 VND - 400 VND/USD, along with the increase in world gold prices, causing domestic gold prices. increased by nearly 400,000 VND/tael.

People rushed to sell gold, causing many gold shops to run out of capital and have to "postpone" by issuing payment appointment slips to gold sellers to have enough time to resell the purchased gold to large dealers and enjoy the difference.

Although the domestic gold price is continuously lower than the world, it is beneficial to export gold jewelry, but because of weak capital, some gold businesses do not dare to collect goods. Meanwhile, many banks with large capital and strengths in gold trading are aggressively purchasing.

The general director of a bank in Ho Chi Minh City said that in recent days, the bank bought thousands of taels of gold, then transferred it to "satellites" to turn it into raw jewelry for export. NH finalizes prices with foreign partners at a favorable time and delivers goods later.

Increase foreign currency supply

According to some banks, in recent days, the amount of foreign currency earned from exporting gold jewelry has reached hundreds of millions of dollars, contributing to reducing the imbalance in foreign currency supply and demand. If the free USD price continues to increase and the world gold price increases further, the domestic gold price will be at no less than 29 million VND/tael. However, the market is still not scarce because the supply of gold from the people is still abundant.

Gold traders believe that if we take the world gold price of 1,235 USD/ounce and convert it to the VND/USD exchange rate of 19,540 VND/USD, the domestic gold price is about 220,000 VND/tael lower than the world gold price.

After deducting costs, gold exported in the form of jewelry currently earns a profit of about 50,000 VND/tael. Suppose a business borrows money (VND) from the bank to buy gold bars and then waits for the opportunity to export gold jewelry, then it must bear an interest rate of 11,000 VND/tael/day, calculating a negligible profit.

Meanwhile, banks are not under interest rate pressure, boldly exporting gold jewelry, making gold prices even more "excited". When earning foreign currency, the bank has more profit because the exchange rate has increased by more than 2%.

According to Hai Nam
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