On the morning of the 8th of September, gold bar prices were listed by enterprises at 78.5 million VND per tael for buying and 80.5 million VND per tael for selling, a decrease of 500,000 VND per tael compared to the previous week.
Gold bar prices have also dropped below the 81 million VND per tael mark, the highest level in over three months.
Meanwhile, the prices of 24K gold rings and jewelry remain at the highest level since the beginning of the year, trading around 77.3 million VND per tael for buying and 78.6 million VND per tael for selling, stable compared to the previous week.
Gold prices remain stable for rings
Domestic gold prices fluctuated in line with global prices last week, albeit at a slower pace.
On the international market, gold prices ended the trading week below the 2,500 USD per ounce mark, settling at 2,498 USD per ounce, a decrease of 5 USD per ounce compared to the previous week.
Compared to the historical peak of nearly 2,530 USD per ounce, global gold prices have dropped by over 30 USD per ounce.
Nevertheless, investors remain optimistic about the trend of gold prices in the coming week, according to a Kitco survey.
In the Wall Street survey, 14 analysts participated, with 29% expecting gold prices to rise further, 50% predicting a decline, and the remaining 21% forecasting a sideways trend.
The survey results reflect the tug-of-war in predicting gold prices for the next week, as well as the unpredictability of this precious metal.
On the other hand, investors express a more positive outlook.
In the Main Street online survey, out of 177 respondents, a significant 57% anticipate gold prices to increase, while only 16% predict a decrease, and the remaining 27% expect prices to remain range-bound.
Gold prices decline in the international market
The movement of the US dollar, the actions of the Federal Reserve (Fed) regarding the roadmap for interest rate reduction, and the magnitude of the expected rate cut in September will influence gold price trends in the coming week.
Currently, the global gold price converted at the listed exchange rate is approximately 74.6 million VND per tael.
The cooling of the USD/VND exchange rate and the plunge in global gold prices have widened the gap between domestic and international gold prices.
Global gold prices are now about 4 million VND lower than gold ring prices and about 5.9 million VND lower than SJC gold bar prices per tael.
The Greenback’s Rally: Bank Rates and Free Float Surge
The USD is on the rise again in the domestic market after a period of cooling off. USD rates at banks surged, with some banks increasing rates by more than 100 VND. The free-market USD rate also climbed by up to 110 VND in selling prices.
Gold Bar Buying Service: SJC Gold Bars at an Unbeatable Price of 79.5 Million VND per Tael
As of today, larger enterprises are purchasing gold bullion at a fixed rate of 78.05 million VND per tael, whereas mid-range gold retailers are offering to buy gold at a rate that is 1 million VND higher per tael.
The Golden Opportunity: Unveiling the Latest SJC Gold Prices and Beyond
The morning of September 10 saw a stagnant domestic gold price, with no significant changes from the previous day’s rates. While the SJC gold price remained unchanged, gold ring prices only witnessed a slight increase of VND 50,000-100,000 per tael.
