Vietnam gold prices fall on November 14; some gold bar buy prices drop to 133.8 million dong

From the afternoon into the evening of November 14, domestic gold prices in Vietnam continued to fall. SJC quoted gold bars at 134.5 million dong per tael to buy and 137.5 million dong per tael to sell, while plain gold rings were quoted at 133.3 million to 137.3 million dong per tael. Bảo Tín Minh Châu quoted gold bars at 133.8 million to 137.5 million dong per tael and gold rings at 133.8 million to 137.8 million dong per tael.

Gold bar and plain gold ring prices in Vietnam on November 14.（VietVance）

Earlier, at the close on November 13, SJC gold bars at both SJC and PNJ were quoted at 135 million to 138 million dong per tael, with buy and sell prices each down 1 million dong from the November 12 close. SJC’s 99.99% gold rings were quoted at 133.8 million to 137.8 million dong per tael, with both prices also down 1 million dong from the previous day. PNJ’s plain gold rings were quoted at 133.2 million to 137.4 million dong per tael, with both prices down 500,000 dong.

In international markets, gold fell as much as 3% during trading on November 12, hitting its lowest level in more than a year, before recovering slightly on November 13. After the United States released its Producer Price Index, gold briefly rose to $3,922.97 an ounce. The U.S. Producer Price Index rose 0.3% month on month in October, below the market forecast of 0.4%.

The outlook for U.S. interest rates continues to affect the gold market. Market data cited by Reuters showed that, after the Producer Price Index was released, the estimated probability of a 0.25 percentage point Federal Reserve rate increase in December was 89.4%, down from 96.2% before the release. The estimated probability of a 0.5 percentage point increase was 10.6%. A stronger U.S. dollar and rising bond yields also weighed on gold prices.

Source: VietVance