Saigon Jewelry Company lists the price of SJC gold bars at VND 146.4 – 148.4 million per tael (buy – sell), unchanged from yesterday morning.
Other gold traders also kept the price of SJC gold bars steady at VND 148.4 million per tael.
Gold ring prices remained stable across brands. Bao Tin Minh Chau JSC set the price at VND 145.8 – 148.8 million per tael, SJC gold rings at VND 143.4 – 145.8 million per tael, and Doji gold rings at VND 144.5 – 147.5 million per tael.
Multiple factors will influence gold prices in the coming period.
At the same time, global gold prices were listed at $4,001 per ounce, up $16 per ounce from yesterday morning.
At a recent press conference, Mr. Shaokai Fan, Regional Director for Asia-Pacific (excluding China) and Global Central Bank Director at the World Gold Council (WGC), stated that trade tariffs between the US and China will remain a key factor affecting gold prices.
According to Mr. Shaokai Fan, investors should consider the following factors impacting gold prices:
First, macroeconomic policies, particularly US monetary policy, with upcoming moves by the Federal Reserve (Fed) regarding interest rate cuts, will positively influence gold.
Second, the Fed’s independence is crucial, directly impacting trust in the US dollar and American institutions, thereby affecting future gold prices.
The WGC expert also noted a significant shift as gold has become a core strategic asset in the portfolios of many institutional investors. If this trend continues, it will support gold prices in the future.
WGC data shows that global exchange-traded fund (ETF) gold holdings increased by 222 tons in Q3, up 134% year-on-year, with global capital inflows reaching $26 billion, bringing total global gold holdings close to an all-time high.
Not only ETFs, but central banks also increased their net gold purchases to 220 tons in Q3, up 28% from Q2 and 10% year-on-year, despite record gold prices.
Since the beginning of the year, net gold purchases have totaled 634 tons, lower than the record levels of the past three years but still significantly higher than pre-2022 levels.
In the currency market, the State Bank of Vietnam set the central exchange rate at VND 25,103 per USD this morning, up 3 dong from yesterday.
At major commercial banks, the USD rate slightly increased to around VND 26,083 – 26,356 per USD (buy – sell).
On the black market, the USD was quoted at VND 27,770 – 27,840 per USD. The gap between free market and bank USD rates remains significant.
Gold Ring and Gold Bar Prices Surge by Up to 2 Million VND per Tael on November 11th
At the close of today’s trading session, Bao Tin Minh Chau is offering wedding ring gold at 152.3 million VND per tael, while gold bars have reached a selling price of 152 million VND per tael.
Gold Ring and Bullion Prices Continue to Rise as of November 10th
By day’s end, the price of gold rings and gold bars continued to rise across numerous enterprises.
World Gold Council Analyzes Key Factors Shaping Future Gold Prices
The World Gold Council does not forecast gold prices, but it highlights several factors that could influence the market in the coming period.
Afternoon of November 5th: SJC Gold Bars and Ring Gold Prices Reverse, Trending Upward
As of the latest update on the afternoon of November 5th, SJC gold prices and gold ring prices have rebounded slightly after a sharp decline of 1.2 million VND per tael.
Why Gold Sales Should Remain Tax-Free: A Timely Perspective
The Vietnam Association of Financial Investors (VAFI) has recently proposed a measure to stabilize the gold market by imposing a 10% value-added tax (VAT) on invoices for gold bullion and jewelry sales. However, experts caution that the taxation of gold should be carefully considered to avoid the issue of “tax on top of tax.”
