Vietnam Gold Prices Continue to Fall on November 14

On the morning of November 14, domestic gold prices in Vietnam fell across the board by VND 500,000 per tael. SJC quoted gold bar buying and selling prices of VND 134.5 million and VND 137.5 million per tael, respectively, and plain gold rings at VND 133.3 million to VND 137.3 million. Bảo Tín Minh Châu quoted gold bars at VND 133.8 million to VND 137.5 million and gold rings at VND 133.8 million to VND 137.8 million.

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

At the close on November 13, SJC gold bars at SJC and PNJ were quoted at buying and selling prices of VND 135 million and VND 138 million per tael, respectively. Both prices were down VND 1 million from the close on November 12. SJC's 99.99% gold rings were quoted at VND 133.8 million to VND 137.8 million, with both prices also down VND 1 million. PNJ quoted plain gold rings at VND 133.2 million to VND 137.4 million, with both buying and selling prices down VND 500,000.

In international markets, gold prices recovered slightly during the November 13 trading session. Gold briefly rose to USD 3,922.97 per ounce after the United States released producer price data. On November 12, gold had fallen as much as 3% in a single session, reaching its lowest level in more than a year. For the week as described in the original article, it was still down more than 4%.

The U.S. Producer Price Index rose 0.3% month on month in October, below the forecast of 0.4%. Market data cited by Reuters showed that, after the release, the estimated probability of a 0.25 percentage point Federal Reserve rate increase in December fell from 96.2% to 89.4%, while the estimated probability of a 0.5 percentage point increase stood at 10.6%. A stronger U.S. dollar and rising bond yields continued to weigh on gold prices.

Source: VietVance