Around 9:15 a.m., SJC, PNJ, and Doji Group reduced the price of SJC gold bullion by an additional VND1.3 million per tael compared to yesterday, now listing it at VND80.6 million per tael for buying and VND84.1 million per tael for selling.
The selling price of SJC gold at four State-owned commercial banks (Agribank, BIDV, Vietcombank, and Vietinbank) also dropped to VND84.1 million per tael, down by VND1.3 million per tael.
Due to significant fluctuations in SJC gold prices, companies have widened the gap between buying and selling prices to VND3.5 million per tael.
The price of plain gold rings also saw a sharp decline. Phu Quy Group reduced its buying price by VND1.7 million and its selling price by VND1.5 million compared to yesterday, now listing transactions at VND81.4 million per tael for buying and VND83.4 million per tael for selling.
PNJ Company lowered both the buying and selling prices by VND1.5 million from yesterday, now listing at VND81.6 million per tael for buying and VND83.4 million per tael for selling.
Bao Tin Minh Chau Company cut the buying price by VND1.65 million and the selling price by VND1.55 million, now listed at VND81.43 million per tael for buying and VND83.38 million per tael for selling.
SJC Company decreased both buying and selling prices by VND1.3 million, listing at VND80.5 million per tael for buying and VND83 million per tael for selling.
Companies also expanded the spread for buying and selling prices of 9999 gold rings, with a gap of VND2-2.5 million per tael.
In the global gold market, gold prices closed sharply lower in New York on the night of November 11, plunging to US$2,619.1 an ounce—a drop of $64.6 compared to the previous session. On the morning of November 12, spot gold on the Kitco exchange was priced at $2,624.8 an ounce. After conversion, this is equivalent to VND80.55 million per tael, making it VND3.55 million per tael lower than SJC gold and about VND2.55 million per tael lower than 9999 gold rings.
Global gold prices continue to decline as the US dollar surges to its highest level in 4.5 months. The DXY Index, which measures the US dollar against six major currencies, has risen to 105.6 points. This strong recovery in the US dollar and bond yields has pulled down gold prices, despite the US Federal Reserve’s recent interest rate cuts.
Technical analysts indicate that gold prices are likely to stay on a downward trend. Markets are now awaiting the US release of core CPI data midweek to gain insight into gold’s likely path. Because this is an opportunity for the FED to monitor whether inflation is moving towards the 2 percent target or not, in order to decide whether to further lower interest rates next December.
