Gold prices witnessed a slight dip today, with plain gold rings offered by SJC, DOJI, Bao Tin Minh Chau, and PNJ seeing a reduction of VND 100,000 per tael. SJC listed its plain gold ring prices at VND 76.2-77.65 million per tael, while DOJI, Bao Tin Minh Chau, and PNJ followed suit with only slight variations.
Notably, SJC gold prices remained unchanged, holding steady at VND 76.5 million per tael for buyers and VND 78.5 million per tael for sellers.
Last week, two of Vietnam’s largest banks, VietinBank and Vietcombank, made alterations to their gold bullion delivery timelines. From August 8th onwards, these banks will deliver gold bullion to customers two business days after the successful completion of the purchase and payment process at their transaction points. Consequently, customers will now have to wait for three days, including the day of registration, to finalize their SJC gold purchases at these banks. In the event of a Friday registration, the wait extends to five days due to the non-business days on Saturday and Sunday.
Internationally, gold prices stood at USD 2,424 per ounce, translating to approximately VND 74.5 million per tael based on the current VND/USD exchange rate.
In the Kitco News gold survey, 10 analysts participated, with the majority anticipating stable gold prices as the pessimistic sentiment has faded. Six experts (60%) predicted a sideways trend for gold prices, while the remaining 40% foresaw an upward movement. None of the analysts expected a decline in gold values.
Meanwhile, the Kitco online survey attracted 210 votes, with Main Street investors displaying optimism. 130 retail investors (62%) believed gold prices would climb during the week, whereas 45 people (21%) anticipated lower prices, and 35 individuals (17%) predicted a sideways market.
