Vietnamese Gold Bars Fell by VND 1 Million per Tael on November 13

Before markets opened on the morning of November 14, domestic gold prices in Vietnam were still based on closing quotes from November 13. At SJC and PNJ, SJC gold bar buying and selling prices were VND 135 million and VND 138 million per tael, respectively, both down VND 1 million per tael from the November 12 close. Bảo Tín Minh Châu quoted SJC gold bars at VND 134 million to VND 138 million per tael.

Gold ring prices also fell. SJC quoted buying and selling prices for 99.99% pure gold rings weighing 1 to 5 mace each at VND 133.8 million to VND 137.8 million per tael, both down VND 1 million per tael from the previous close. PNJ quoted 999.9 pure plain gold rings at VND 133.2 million to VND 137.4 million per tael, with both buying and selling prices down VND 500,000 per tael.

International gold prices rebounded slightly from their earlier decline during trading on November 13, Vietnam time. After the US released producer price data, gold briefly rose to USD 3,922.97 per ounce. Gold had fallen as much as 3% on November 12, reaching its lowest level in more than a year. As of November 13, it was still down more than 4% for the week and at risk of recording its largest weekly decline since early June.

The US Producer Price Index rose 0.3% month on month in October, below market expectations of 0.4%. Market data cited by Reuters showed that, after the release, the perceived probability of a 0.25 percentage point Federal Reserve rate increase in December fell from 96.2% to 89.4%, while the probability of a 0.5 percentage point increase stood at 10.6%. Independent analyst Tai Wong said the bond market remained under pressure from the Fed’s hawkish policy stance, making USD 4,000 per ounce a significant hurdle for gold.

Source: VietVance