On Sunday, November 16th, the SJC gold bar price was listed by businesses at 149 million VND per tael for buying and 151 million VND per tael for selling. Despite a drop of over 3 million VND compared to the week’s peak, this price still reflects a 2.6 million VND increase from the previous weekend.
Specifically, last week, the price of SJC gold bars approached the historical high of 154.6 million VND per tael set in October, reaching up to 154.5 million VND per tael. However, it sharply declined by the end of the week.
Similarly, the price of 99.99% gold rings and jewelry ranged between 146.5 and 149 million VND per tael (buying and selling), marking a significant increase of 3.2 million VND.
Domestic gold prices fluctuated in tandem with global prices. In the international market, gold closed the week at $4,082 per ounce, an increase of approximately $80 per ounce from the previous week.
Last week, the gold market experienced significant volatility, with prices peaking at $4,252 per ounce before plummeting due to a sell-off at the end of the week.
SJC Gold Bar Prices Surge at Week’s Close
According to analysts, the market’s focus this week was on the U.S. government’s resumption of operations after a prolonged shutdown. However, economic uncertainties prompted investors to sell off gold, silver, and cryptocurrencies during the final trading sessions.
Short-term downward pressure on gold prices persists, according to experts surveyed by Kitco on gold price trends.
Of the 17 Wall Street analysts surveyed, only 18% expected gold prices to rise further, while 47% predicted a decline, and 35% anticipated a sideways movement.
| Increase | Decrease | Sideways | |
|---|---|---|---|
| Wall Street Analysts (17) | 18 | 47 | 35 |
| Main Street Investors (230) | 66 | 16 | 18 |
In contrast, a Main Street online survey of 230 investors revealed a more optimistic outlook, with 66% expecting gold prices to rise, 16% forecasting a decline, and 18% predicting a sideways trend.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, believes that unless there is a significant sell-off in the stock market, gold prices will face downward pressure. Despite facing selling pressure last week, the S&P 500 index maintained a critical support level above 6,600 points.
Currently, the global gold price converted at the listed exchange rate is approximately 129.8 million VND per tael.
VAFI Estimates Vietnam’s Household Gold Holdings at Over 2,000 Tons
Despite the vast reserves, the majority of this gold remains locked away in vaults, an untapped resource yet to be transformed into capital for economic growth.
Gold Ring and SJC Gold Prices Plummet by Over 10 Million VND per Tael as of October 28th Close
Gold prices closed the day on October 28th with a significant decline, continuing their downward trend.
Will the Establishment of a Gold Trading Floor in Vietnam Lead to a Decrease in SJC Gold Bar Prices?
Gold trading experts suggest several exchange models, with investors anticipating that the price gap between SJC gold bars and global rates will narrow.
SJC Gold Bar Prices Plummet by 11 Million VND per Tael in the Open Market
The price of SJC gold bars at major enterprises and banks is approximately 15 million VND per tael lower than the free market rate.
SJC Gold Bar Prices Plummet by 15 Million VND in Just 2 Days
In just two days, the price of SJC gold bars in the free market plummeted by a staggering 15 million VND from its peak.
