Late in the afternoon, gold traders continued to adjust and increase the price of gold bars. SJC, DOJI, and PNJ are currently listing SJC gold at 146.1 – 148.1 million VND per tael; Bao Tin Minh Chau and Mi Hong are trading at 147.1 – 148.1 million VND per tael. Thus, on October 29th, the price of gold bars at these establishments increased by up to 3 million VND per tael (for both buying and selling).
The price of gold rings has risen by 2 – 3.6 million VND per tael today. Bao Tin Minh Chau saw a significant increase in buying prices, up to 3.6 million VND, and is currently trading at 146.5 – 149.5 million VND per tael. The prices of gold rings at SJC, DOJI, and PNJ are 143.8 – 146.3 million VND per tael, 144.6 – 147.6 million VND per tael, and 145 – 148 million VND per tael, respectively.
Recorded in the early afternoon, SJC, DOJI, and PNJ continued to raise the price of gold bars by 600,000 VND per tael for both buying and selling, now listed at 145.5 – 147.5 million VND per tael. Today, the price of SJC gold at these traders has increased by up to 2.4 million VND per tael. Bao Tin Minh Chau adjusted the price of gold bars to 146.5 – 147.5 million VND per tael (an increase of 3 million VND for buying and 2.4 million VND for selling compared to the closing price on October 28th). The price of gold bars at Phu Quy and Mi Hong is 145 – 147.5 million VND per tael and 146.5 – 147.5 million VND per tael, respectively.
For gold rings, SJC is currently listing at 143.3 – 145.8 million VND per tael, an increase of 2.1 million VND per tael compared to this morning. DOJI and PNJ also raised the price of gold rings to 144.3 – 147.3 million VND per tael. The price of gold rings at Bao Tin Minh Chau is 146.5 – 149.5 million VND per tael, which has increased by 2 million VND per tael compared to yesterday’s closing price.
Recorded mid-morning, SJC, DOJI, and PNJ simultaneously increased the price of gold bars by 1.8 million VND per tael for both buying and selling, now listed at 144.9 – 146.9 million VND per tael. Bao Tin Minh Chau adjusted the price of SJC gold to 145.9 – 146.9 million VND per tael (an increase of 2.4 million VND for buying and 1.8 million VND for selling).
The price of gold rings at these traders also increased by 1.4 – 1.9 million VND per tael. Specifically, Bao Tin Minh Chau raised the price of gold rings to 145.9 – 148.9 million VND per tael. SJC, DOJI, and PNJ are listing at 142.8 – 145.3 million VND per tael, 143.8 – 146.8 million VND per tael, and 143.8 – 146.8 million VND per tael, respectively.
The buying and selling price difference for gold bars is currently 1 – 2 million VND per tael, while for gold rings, it is 2.5 – 3 million VND per tael.
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Recorded early in the morning of October 29th, the prices of gold bars and gold rings sharply decreased compared to the same time on October 28th.
For gold bars, SJC is currently listing at 143.1 – 145.1 million VND per tael, a decrease of 3.8 million VND per tael for buying and 3.3 million VND per tael for selling compared to the beginning of the previous session. Bao Tin Minh Chau also significantly reduced the price of gold bars by 4.5 – 3.3 million VND per tael for buying and selling, now listed at 143.5 – 145.1 million VND per tael. The price of gold bars at DOJI and PNJ is 143.1 – 145.1 million VND per tael.
The price of gold rings at Bao Tin Minh Chau decreased sharply by 4.5 million VND per tael for both buying and selling, listed at 144.5 – 147.5 million VND per tael. SJC further reduced the price of gold rings by 3.8 million VND per tael (compared to the previous day), down to 141.2 – 143.7 million VND per tael. DOJI, Phu Quy, and PNJ are listing the price of gold rings at 142 – 145 million VND per tael.
The buying and selling price difference for gold bars is currently 2 – 2.4 million VND per tael, while for gold rings, it is up to 3 million VND per tael.
On the evening of October 28th, global gold prices dropped significantly before gradually recovering, currently recorded at 3,950.9 USD/ounce. Converted at the Vietcombank exchange rate (excluding taxes and fees), global gold is equivalent to 126 million VND per tael, a difference of about 20 million VND compared to domestic gold prices.
According to Reuters, gold fell to a three-week low on Tuesday as hopes for progress in U.S.-China trade talks weakened its appeal as a safe-haven asset, while investors shifted focus to the U.S. Federal Reserve’s interest rate decision this week.
“U.S.-China trade tensions have indeed subsided, with the possibility of a trade agreement being reached by the end of this week, following the meeting between President Xi Jinping and President Donald Trump. This is a negative signal for safe-haven metals,” said Jim Wyckoff, senior analyst at Kitco Metals.
However, some analysts believe prices could continue to rise, while others remain cautious.
At the London Bullion Market Association’s (LBMA) annual conference, experts forecast that gold prices could reach 4,980 USD/ounce in the next 12 months. Meanwhile, both Citi and Capital Economics lowered their gold price forecasts on Monday.
“The market has become overbought, and that ultimately led to this week’s correction,” Bank of America said in a report, noting that gold prices are approaching the bearish forecast of 3,800 USD/ounce for the fourth quarter.
October 27: SJC Gold Bars and Plain Gold Rings Prices Plummet in a Sharp Decline
Today, domestic gold prices have seen a significant drop, falling by approximately 0.7 to 1.5 million VND per tael across the board.
Gold Prices Surge Past $4,000/Ounce on October 27th Evening
Gold prices have dipped as experts attribute the decline to easing tensions in the U.S.-China trade dispute.
Contrasting Free Market Exchange Rates: What to Expect by Year-End?
The US dollar’s value has skyrocketed in the free market recently, sparking widespread concern despite predictions of a positive exchange rate outlook by year-end.
Gold and Silver Poised for Another Dip Before Stabilizing
According to an independent metals trader, price movements indicate that gold, and particularly silver, require one more pullback before stabilizing.
Gold Prices Plummet by 5.5 Million VND per Tael in the Past Week, as of October 26th
Domestic gold prices surged at the beginning of the week, reaching a record high of over 160 million VND per tael during the October 21 trading session. However, prices sharply declined in the subsequent sessions.
