Vietnam gold prices fall on November 11; DOJI gold rings drop VND 2 million per tael

Quotes at 11:30 a.m. on November 11 showed several Vietnamese gold retailers lowering gold bar prices. Công ty Vàng bạc Đá quý Sài Gòn (SJC) quoted a buying price of VND 136.5 million per tael and a selling price of VND 139.5 million per tael, both down VND 1.4 million from November 10. DOJI quoted the same gold bar prices in Hanoi and Ho Chi Minh City, with both buying and selling prices also down VND 1.4 million.

Gold rings saw steeper declines. Tập đoàn Doji (DOJI) lowered its plain gold ring buying and selling prices to VND 135.2 million and VND 139.2 million per tael, respectively, both down VND 2 million from November 10. SJC’s gold ring buying and selling prices each fell VND 1.4 million, to VND 135.3 million and VND 139.3 million per tael, respectively.

Illustrative image related to the gold market.（VietVance）

Gold jewelry prices also fell. Vàng bạc đá quý Phú Nhuận (PNJ) cut both its buying and selling prices for 24K gold jewelry by VND 1.56 million per tael, to VND 127.64 million and VND 132.44 million per tael, respectively. Its buying and selling prices for 18K gold jewelry each fell VND 1.17 million per tael, to VND 93.33 million and VND 99.33 million per tael, respectively.

International gold prices rose over the same period. At 1:40 p.m. on November 11, Kitco showed spot gold up 0.42% at USD 4,056.30 per ounce; the price of gold for December delivery rose to USD 4,058.28 per ounce. Converted using the exchange rate in the original report, the international gold price was about VND 126.2 million per tael, VND 13.3 million below the domestic gold bar selling price.

Source: VietVance