Gold bar and jewelry prices stabilized on the morning of November 27 after two days of sharp declines. SJC gold bars were listed by SJC Company at 82.8 million VND per tael for buyers and 85.3 million VND per tael for sellers, unchanged from the previous day.
However, there was a disparity in buying prices among different institutions. ACB Bank offered to buy gold bars at 83.3 million VND per tael and sell at 85.3 million VND per tael, about half a million VND higher than SJC Company.
Mi Hong Company, on the other hand, bought gold bars at a much higher rate of 84 million VND per tael, while their selling price remained stable at 85.3 million VND per tael.
Gold rings and other jewelry items continued their downward trend despite a rebound in global gold prices. SJC Company traded gold rings at 82.3 million VND per tael for buyers and 84.3 million VND per tael for sellers, a decrease of 300,000 VND per tael from the previous day. In just two days, gold rings lost more than 2 million VND per tael, while SJC gold bars lost about 1.7 million VND per tael.
Gold prices stabilized today for SJC gold bars after a sharp drop in recent days
Other companies, such as Mi Hong and PNJ, bought gold rings at higher rates of 83.4 million VND and 82.7 million VND per tael, respectively, with selling prices hovering around 84.4 million VND per tael.
Domestic gold prices halted their decline as global prices stopped falling. In the international market, after two days of relentless plunges, gold prices today traded at $2,637 per ounce, a rise of about $10 per ounce from the previous session.
Gold prices recovered as bottom-fishing demand from investors returned, fueled by news of President-elect Donald Trump’s plans to increase tariffs on Chinese goods by 10% and on products from Mexico and Canada by 25%. The potential for heightened trade tensions between the US and China during Trump’s presidency is expected to drive investors towards gold as a safe-haven asset.
At the current exchange rate, the global gold price translates to approximately 81 million VND per tael.
The Soaring Price of Gold Rings
This morning (November 24th), gold ring prices surged once again, climbing by 400,000 to 800,000 VND per tael, reaching an impressive peak of 86 million VND per tael. The price of gold rings is now just 400,000 VND per tael shy of the gold bracelet price.
Is Gold’s Rally Sustainable?
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