Vietnam Gold Bar and 9999 Gold Ring Prices Fall on November 12

On the morning of November 12, Vietnam’s SJC cut its gold bar prices by VND 1 million per tael, with buying and selling prices of VND 136 million and VND 139 million per tael, respectively. Its 9999 gold rings were priced at VND 134.8 million to VND 138.8 million per tael, a VND 4 million spread between buying and selling prices. PNJ also cut its gold bar prices by VND 1 million per tael, to VND 136 million–139 million per tael; its 9999 gold rings were priced at VND 133.7 million–137.9 million per tael.

Illustration of gold bar and 9999 gold ring prices in Vietnam on November 12.（VietVance）

Before the market opened on November 12, gold bars in Vietnam generally sold for VND 140 million per tael. Selling prices for 9999 gold rings generally ranged from VND 138.5 million to VND 139.8 million per tael, while buying prices were around VND 134.7 million to VND 135.8 million per tael. The updated morning selling prices for SJC and PNJ gold bars were both below the earlier VND 140 million level.

In international markets, gold retreated to around USD 4,000 per ounce on the evening of November 11, Vietnam time. The US consumer price index rose 0.4% month on month in October, above the expected 0.3%; core inflation rose 0.3% month on month, also exceeding the expected 0.2%. The US Bureau of Labor Statistics did not release a year-on-year inflation rate for the month because comparative data was unavailable.

After the inflation data was released, interest rate futures indicated that the market saw an approximately 88% probability of the Federal Reserve raising rates by 0.25 percentage points at its December meeting and an approximately 12% probability of a 0.5 percentage point increase. Rising US Treasury yields and expectations of further monetary tightening weighed on a recovery in gold prices, while concerns about possible shipping disruptions in the Strait of Hormuz supported demand for safe-haven assets.

Source: VietVance