Vietnam Gold Prices Fall for Third Straight Day; SJC Bars Down 2.2 Million Dong
From November 10 to 12, SJC gold bars in Vietnam fell by a total of 2.2 million dong per tael over three consecutive trading days. Prices of 9999 gold rings fell by 2 million to 2.7 million dong per tael, depending on the seller. Several dealers cut their quotes again on November 12, while international gold prices also declined.
From November 10 to 12, prices of SJC gold bars in Vietnam fell for three consecutive trading days, dropping a total of 2.2 million dong per tael. Prices of 9999 gold rings fell by a total of 2 million to 2.7 million dong per tael over the same period, depending on the seller. On November 12, several major gold dealers cut both their buying and selling prices for gold bars by 1 million dong per tael in morning trading.
Domestic gold prices in Vietnam fell for three consecutive trading days.（VietVance）
As of 1:30 p.m. on November 12, SJC, DOJI, PNJ and Bảo Tín Mạnh Hải all quoted buying prices of 136 million dong per tael and selling prices of 139 million dong per tael for SJC gold bars. Phú Quý and Bảo Tín Minh Châu also quoted selling prices of 139 million dong per tael, with buying prices of 135.7 million and 134.7 million dong per tael, respectively. Mi Hồng in Ho Chi Minh City cut its quotes several times in morning trading before prices recovered slightly. Its afternoon quotes held at 137.3 million dong per tael for buying and 138.8 million dong per tael for selling.
Buying and selling prices for SJC gold bars at several companies on November 12.（VietVance）
Prices of 9999 gold rings were also generally down about 1 million dong per tael from their November 11 closing levels. As of 1:30 p.m. on November 12, Bảo Tín Minh Châu and Bảo Tín Mạnh Hải both quoted buying prices of 134.7 million dong per tael and selling prices of 138.7 million dong per tael. SJC quoted buying and selling prices of 134.8 million and 138.8 million dong per tael, respectively. Ngọc Thẩm’s quotes were comparatively lower, at 128.5 million and 132 million dong per tael, respectively.
Declines in 9999 gold ring prices at several companies on November 12 compared with the previous day.（VietVance）
Internationally, spot gold fell nearly 0.4% to US$3,973.1 per ounce as of 1:30 p.m. Vietnam time on November 12. Some analysts said the higher-than-expected US consumer price index for October raised expectations of further Federal Reserve interest rate increases, putting pressure on gold prices. Data released by the US Department of Labor showed that the index rose 0.4% from the previous month, 0.1 percentage point above analysts’ expectations.
Source: VietVance
