Late Afternoon Update: Gold prices surged unexpectedly in the late afternoon, with SJC gold bars nearing the 148 million VND per tael mark. Specifically, SJC and PNJ listed SJC gold at 145.8 – 147.8 million VND per tael, a 1.2 million VND increase for both buying and selling. Bao Tin Minh Chau raised their gold bar prices by 900,000 VND for buying and 1.2 million VND for selling, trading at 146.5 – 147.8 million VND per tael. Phu Quy and Mi Hong also sold at 147.8 million VND per tael.
Gold ring prices at SJC, PNJ, and Phu Quy also jumped by 1 – 1.2 million VND per tael, reaching 143.6 – 146.1 million VND, 144.7 – 147.7 million VND, and 144.8 – 147.8 million VND per tael, respectively.
As of 9:00 AM, SJC gold bar prices at many gold shops dropped by 1.5 – 1.6 million VND per tael for both buying and selling. SJC, DOJI, and PNJ are now listed at 144.6 – 146.6 million VND per tael, while Bao Tin Minh Chau decreased to 145.6 – 146.6 million VND per tael. Mi Hong and Phu Quy are trading at 145.1 – 146.6 million VND and 144 – 146.6 million VND per tael, respectively.
Gold ring prices fell by 700,000 – 1.5 million VND compared to the morning. Bao Tin Minh Chau reduced gold ring prices to 145.8 – 148.8 million VND per tael (down 700,000 VND), SJC to 142.6 – 145.1 million VND (down 1.2 million VND), and PNJ to 143.5 – 146.5 million VND (down 1.5 million VND).
Early Morning Update: Gold shops unanimously raised gold bar prices by 3 million VND per tael compared to October 29. SJC, DOJI, and PNJ listed SJC gold at 146.1 – 148.1 million VND per tael, while Bao Tin Minh Chau and Mi Hong traded at 147.1 – 148.1 million VND per tael.
Gold ring prices increased by 2 – 3.6 million VND per tael since yesterday morning. Bao Tin Minh Chau raised buying prices by 3.6 million VND and selling by 2 million VND, trading at 146.5 – 149.5 million VND per tael. SJC, DOJI, and PNJ gold rings are at 143.8 – 146.3 million VND, 144.6 – 147.6 million VND, and 145 – 148 million VND per tael, respectively.
The buy-sell spread for gold bars ranges from 1 – 2.5 million VND, while gold rings have a spread of 2.5 – 3 million VND per tael.
Global gold prices are currently trading around $3,936 per ounce (approximately 125 million VND per tael based on Vietcombank’s exchange rate, excluding taxes and fees), which is about 23.1 million VND lower than domestic gold bar prices.
According to Reuters, gold prices rose slightly on October 29 but failed to sustain the momentum as markets digested Federal Reserve Chair Jerome Powell’s remarks on future monetary policy. The Fed cut interest rates by 0.25 percentage points, as expected, lowering the benchmark overnight rate to 3.75% – 4.00%, the second reduction in 2025.
In a post-decision press conference, Powell stated the Fed would proceed cautiously: “Committee members had differing views on the December meeting. Another rate cut is far from certain—policy is not on a preset course,” Powell said.
Peter Grant, Senior Vice President and Metals Strategist at Zaner Metals, commented: “Gold reacted reasonably as Powell tempered expectations for further cuts. Fed fund futures have adjusted forecasts, benefiting the USD and pressuring gold prices.”
Meanwhile, U.S. President Donald Trump announced a trade deal with South Korea on Wednesday and expressed optimism about a similar agreement with Chinese President Xi Jinping ahead of their Thursday meeting.
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