Global Gold Price Falls More Than 2%; Vietnam Gold Bar Price Remains Above VND 140 Million
Spot gold fell $107.6 to $4,031.8 per ounce. Vietnamese gold dealers had yet to open on the morning of November 11. At the November 10 close, the prevailing SJC gold bar prices were VND 137.9 million per tael to buy and VND 140.9 million per tael to sell.
International spot gold stood at $4,031.8 per ounce, down $107.6, or 2.60%, from the previous trading session. It traded between $4,012.7 and $4,147.4 per ounce during the day. Despite a decline of nearly 3%, spot gold remained above $4,000 per ounce.
Vietnamese gold dealers had yet to open on the morning of November 11. At the November 10 close, Saigon Jewelry Company (Công ty Vàng bạc Đá quý Sài Gòn) quoted one-tael SJC gold bars at VND 137.9 million per tael to buy and VND 140.9 million per tael to sell. DOJI and PNJ quoted the same prices for SJC gold bars; Phú Quý quoted a buying price of VND 137.4 million per tael and a selling price of VND 140.9 million per tael.
Prices for 9999 gold rings varied. SJC quoted buying and selling prices of VND 136.7 million to VND 140.7 million per tael for 9999 gold rings of various sizes; PNJ quoted VND 136.1 million to VND 140.3 million per tael for plain 9999 gold rings. Phú Quý quoted a buying price of VND 137.4 million per tael and a selling price of VND 140.4 million per tael for its round 9999 gold rings.
Reuters reported that the US Consumer Price Index rose 0.4% month on month in October, above analysts’ forecast of 0.3%; core inflation rose 0.3% month on month, also exceeding expectations. The inflation data raised market expectations that the Federal Reserve might continue raising interest rates in December. Yields on two-year and 10-year US Treasury bonds rose to 4.731% and 4.988%, respectively, while the US Dollar Index gained about 0.56%. A stronger dollar and higher bond yields weighed on gold prices.
Source: VietVance
