Vietnam gold bar price falls to VND 139 million per tael

On the morning of November 12, Saigon Jewelry Company (SJC) quoted gold bars at VND 136 million–139 million per tael, with the selling price down VND 1 million from the previous day’s close. Gold bar prices were more than VND 2 million below their level at the start of the week and about VND 52 million below the peak reached in March.

SJC also cut its plain gold ring prices by VND 1 million from the previous day, quoting VND 134.8 million–138.8 million per tael. PNJ quoted VND 133.7 million–139.7 million, DOJI VND 134.5 million–138.5 million, and both Bảo Tín Minh Châu and Bảo Tín Mạnh Hải VND 134.7 million–138.7 million.

Vietnamese gold prices fell alongside international prices. On November 11, international spot gold closed down nearly USD 45 at USD 3,987 per ounce. Converted using Vietcombank’s USD selling rate, the international price was about VND 124 million per tael, roughly VND 15 million below the domestic gold bar selling price. Higher-than-expected US inflation data and hawkish comments from Federal Reserve officials strengthened the dollar and raised concerns about further interest rate increases next month.

Silver prices also fell. Domestic silver bar and silver piece prices declined 2.1% from the previous day. Phú Quý and Ancarat quoted silver pieces at VND 1.57 million–1.62 million per tael, while DOJI quoted VND 1.75 million–1.81 million. In the foreign exchange market, bank USD quotes rose for a fourth consecutive trading day. Vietcombank quoted VND 25,440–25,850 per USD, up VND 10 from the previous day’s close.

Source: VietVance