Vietnam gold bar prices fall below VND 140 million per tael

On the morning of November 11, Saigon Jewelry Company (SJC) quoted gold bar buying and selling prices at VND 136.5 million to 139.5 million per tael, down nearly VND 1.5 million from the November 10 close. Gold bar prices fell below VND 140 million per tael, their lowest level this month.

Plain gold ring prices also fell by a similar amount, with quotes at major gold retailers close to those for gold bars. SJC quoted plain gold rings at VND 135.3 million to 139.3 million per tael; Phu Nhuan Jewelry Company (PNJ) lowered its quotes to VND 134.7 million to 138.9 million; and DOJI Gold & Gems Group quoted VND 135.2 million to 139.2 million.

On international markets, spot gold traded below $4,050 an ounce. On the morning of November 11, the gap between domestic and international gold prices in Vietnam remained close to VND 14 million per tael. In a report released on November 5, the World Gold Council said gold prices might be near a short-term bottom, but there were not yet enough signs to confirm a sustained recovery. Selling pressure could persist because speculative futures positions remained high, and gold prices might test support at $3,857 an ounce again.

The World Gold Council said the recent decline was more likely a correction than the start of a prolonged downturn. Domestic silver bar prices were broadly flat or rose slightly over the past week; Phú Quý quoted silver bars at VND 1.6 million to 1.65 million per tael, while DOJI quoted VND 1.76 million to 1.84 million. Bank USD exchange rates rebounded after falling for more than a week. Vietcombank’s quotes rose VND 120 over the past two days to VND 25,410 to 25,820 per USD on the morning of November 11.

Source: VietVance