Vietnam gold prices rebound after morning drop, with SJC bars back at 140 million dong
On November 11, gold prices in Vietnam rebounded after falling 1.4 million dong per tael in the morning. SJC gold bars rose to 140 million dong per tael in the afternoon. International gold prices also recovered, though converted prices remained below domestic prices.
On the morning of November 11, gold prices in Vietnam fell 1.4 million dong per tael after international prices declined the previous night. In the afternoon, the selling price of SJC gold bars recovered from 139.5 million to 140 million dong per tael, while the buying price rose from 136.5 million to 137 million dong per tael. The selling price of 9999 gold rings increased by 600,000 dong to 139.9 million dong per tael; the buying price was 135.9 million dong per tael.
Domestic gold prices in Vietnam are higher than international prices converted at banks’ posted exchange rates.（VietVance）
The spread between buying and selling prices remained at 3 million dong per tael for gold bars and 4 million dong per tael for 9999 gold rings. Ancarat sold gold at 144.3 million dong per tael and bought it at 137.8 million dong per tael. Mi Hồng’s selling price was 139.7 million dong per tael and its buying price was 138.2 million dong per tael, down 500,000 dong per tael from the previous day.
International gold prices recovered from $4,026 per ounce on the evening of November 10 to $4,061 per ounce on the afternoon of November 11. At banks’ posted exchange rates, that was equivalent to about 126.5 million dong per tael, 13.5 million dong per tael below domestic gold prices in Vietnam.
On the afternoon of November 11, international gold prices recovered from the previous night’s decline.（VietVance）
On the evening of November 10, international gold prices fell by more than $104 per ounce. A higher than expected increase in the U.S. consumer price index raised investors’ concerns that the Federal Reserve would increase interest rates in December. A senior Fed official said it should act quickly and forcefully to curb inflation. Experts interviewed said interest rates were currently the most important factor affecting gold prices, while oil prices, inflation risks and movements in the U.S. stock market also had an impact.
Silver prices also rose that day. On the afternoon of November 11, international silver prices reached $52.92 per ounce, equivalent to about 1.63 million dong per tael at banks’ posted exchange rates. In Vietnam, Ancarat sold silver at 1.662 million dong per tael and bought it at 1.612 million dong per tael; SBJ and Phú Quý sold it at 1.692 million and 1.665 million dong per tael, respectively.
Source: VietVance
