The domestic gold price remains stable, with SJC gold price staying within the range of 83.0-85.5 million VND per tael. Gold ring prices are popular at 84.4-84.5 million VND per tael (selling price). Specifically, SJC Company is listing gold ring prices at 83.0-84.4 million VND per tael, an increase of 100 thousand VND per tael in buying price and unchanged in selling price compared to yesterday. Bao Tin Minh Chau also increased by 100 thousand VND per tael, listing smooth gold ring prices at 83.28-84.38 million VND per tael. DOJI Group applies a price of 83.3-84.3 million VND per tael, unchanged from yesterday.
In the international market, the spot gold price is currently at $2,646 per ounce, equivalent to over 81 million VND per tael when converted according to the current USD/VND exchange rate, excluding taxes and fees.
According to Peter Schiff, Chief Market Strategist at Euro Pacific Asset Management, although gold is under pressure, the precious metal will never fall below $2,000 per ounce. “I don’t think the gold price will go back to $2,000,” Schiff told Kitco News. “That’s in the past, and now we’re headed for much higher prices without any resistance. The gold price could double, triple from here and possibly go even higher.”
Recently, US Senator Cynthia Lummis of Wyoming sparked a debate by suggesting that the US should convert a portion of its massive gold reserves into Bitcoin. The US currently holds over 8,000 tons of gold on its balance sheet – the world’s largest gold reserve.
The Chief Market Strategist at Euro Pacific Asset Management believes that this idea is a “terrible financial mistake”. He said: “Bitcoin is not a viable reserve. What makes gold a good reserve is that if the US government needs to sell gold in an emergency to support the dollar, a deep and highly liquid market can easily absorb the sale. But if the US government tries to sell a significant amount of Bitcoin, the market will collapse.”
Gold Prices Rise Slightly After US Jobs Report and Political Turmoil in South Korea, France
The spot gold price in New York edged higher on Tuesday (December 3) after stronger-than-expected employment data reinforced expectations of a more cautious Fed in its monetary policy easing process. In the Asian market, gold prices also ticked up following political turmoil in South Korea and France.
The Golden Question: How Much Has Gold Price Dropped in the Past Month?
This morning (December 1st), gold bar prices hovered around the 85 million VND per tael mark, while gold rings dropped to 84 million VND per tael. Over the past month, gold bar prices have fallen by nearly 4 million VND per tael.
Prime Minister Directs Action on Bank Interest Rates; Fate of B1 and B2 Driver’s Licenses
Prime Minister Calls for Lower Bank Interest Rates; Nearly VND 670,000 Billion to be Pumped into the Economy; Important Updates on the Fate of B1 and B2 Car Driving Licenses; Gold Prices Fluctuate, Leaving Many Anxious. These were the notable highlights from the past week.
“The Downfall of Gold: A Month of Global Losses”
“Gold prices edged higher during Friday’s trading session (November 29) as a slight weakening of the US dollar and heightened geopolitical tensions provided some support. However, the precious metal suffered its biggest monthly decline since September 2023, posting a sharp drop for November.”
The Golden Opportunity: Can Gold Prices Keep Surprising Us?
Today’s gold price surge, following a steep decline earlier this morning (November 27), has triggered a rush of buying activity from investors. While many seized the opportunity to buy, others opted to sell and cut their losses.
