Vietnam gold bars sell for about VND 140 million, with a VND 3 million buy-sell spread

Before markets opened on November 12, gold bars in Vietnam generally sold for VND 140 million per tael. SJC, PNJ, DOJI and Bảo Tín Mạnh Hải generally offered VND 137 million per tael to buy, leaving a buy-sell spread of about VND 3 million. Bảo Tín Minh Châu offered VND 135.5 million per tael to buy.

9999 pure gold rings generally sold for VND 138.5 million to VND 139.8 million per tael, with buying prices of about VND 134.7 million to VND 135.8 million. The buy-sell spread at SJC, DOJI and Bảo Tín Minh Châu was VND 4 million per tael; Bảo Tín Mạnh Hải quoted VND 133.5 million to VND 138.5 million per tael, a spread of VND 5 million.

International gold prices fell to about USD 4,000 per ounce late on November 11, Vietnam time. The US consumer price index rose 0.4% month on month in October, above the 0.3% forecast; core inflation rose 0.3% month on month, also above the 0.2% forecast. After the inflation data was released, interest rate futures indicated an approximately 88% probability that the Federal Reserve would raise rates by 0.25 percentage points in December and a roughly 12% probability of a 0.5 percentage point increase.

The US added 165,000 jobs in October, and the unemployment rate fell to 4.1%. Markets are watching the Federal Reserve’s interest rate decision at its December 8–9 meeting. The yield on the 10-year US Treasury note briefly exceeded 5% on November 10 before falling to about 4.98%; rising yields and expectations of a rate increase limited gold’s recovery.

Source: VietVance