Global Gold Prices Fall More Than 3% as Vietnam Gold Bar Prices Decline
On the evening of November 12, international spot gold fell more than 3.3% to as low as USD 3,852 per ounce. Gold bars at major Vietnamese firms mostly closed at VND 136 million to VND 139 million per tael, while SJC’s selling price fell VND 1 million from the previous close.
On the evening of November 12, international spot gold fell below USD 3,900 per ounce amid selling pressure, reaching USD 3,852 at one point, a drop of more than 3.3%. Vietnam’s domestic gold market faced pressure from the international decline ahead of its November 13 morning opening.
At the close on November 12, gold bar quotes at firms including SJC, PNJ and DOJI were mostly VND 136 million to VND 139 million per tael. SJC’s gold bar selling price was VND 139 million per tael, down VND 1 million from the previous close; Bảo Tín Minh Châu quoted buying and selling prices of VND 134.7 million to VND 139 million per tael.
Quotes for plain gold rings varied by brand. Bảo Tín Mạnh Hải quoted buying and selling prices of VND 132.7 million to VND 137.7 million per tael; Bảo Tín Minh Châu quoted VND 134.7 million to VND 138.7 million, and DOJI quoted VND 134.5 million to VND 138.5 million. SJC and PNJ quoted VND 134.8 million to VND 138.8 million and VND 133.7 million to VND 137.9 million per tael, respectively.
Higher than expected US inflation data and hawkish remarks by Federal Reserve officials strengthened expectations that the Fed would continue raising interest rates. The US dollar rose to a 19-month high against major currencies. A stronger dollar made gold more expensive for buyers using other currencies, while expectations of higher interest rates increased the opportunity cost of holding gold.
Source: VietVance
