Vietnam gold bar selling price falls to VND 137.5 million per tael

On the morning of November 14, Saigon Jewelry Company (SJC) quoted gold bar buying and selling prices of VND 134.5 million and VND 137.5 million per tael, respectively. The selling price was down VND 500,000 from November 13, bringing gold bar prices to their lowest level since September 30; other brands made similar adjustments. Gold bar prices have fallen a total of VND 3.7 million this week and are down about 28% from their peak in early March.

Plain gold ring prices also fell. SJC cut its prices by VND 500,000, quoting buying and selling prices of VND 133.3 million and VND 137.3 million per tael, respectively. PNJ quoted VND 132.7 million to VND 136.9 million, DOJI VND 134.5 million to VND 138.5 million, and Bảo Tín Minh Châu VND 133.8 million to VND 137.8 million for plain round gold rings.

Gold prices in Vietnam moved differently from international prices that day. At the close on November 13, international spot gold had risen USD 7 to USD 3,883 per ounce; over the week, however, it fell 4.5% into a price range last seen more than a year ago. Converted at Vietcombank’s US dollar selling rate, the international gold price was about VND 121 million per tael, roughly VND 16 million below the domestic price.

Independent analyst Tai Wong said concerns about inflation and interest rates prompted by rising oil prices had weighed on gold; if the US Federal Reserve tightens monetary policy further, gold may struggle to exceed USD 4,000 per ounce. Prices of silver bars and pieces in Vietnam also fell 2.2% from November 13; Phú Quý and Ancarat quoted silver pieces at VND 1.49 million to VND 1.53 million per tael, while DOJI quoted around VND 1.63 million to VND 1.71 million.

Source: VietVance