Domestic gold prices plummet alongside global market decline
VOV.VN - Domestic gold prices in Vietnam experienced a sharp drop of nearly VND5 million per tael on October 22 after global gold prices plunged by US$230, bringing the price down to US$4,112 per ounce.
Major brands like SJC, DOJI, and PNJ simultaneously adjusted their gold prices, listing gold bars between VND146.5 - 148.5 million/tael (buying - selling), reflecting a VND5 million drop in the buying price and a VND4 million drop in the selling price compared to the previous day’s closing.
Bao Tin Minh Chau listed gold at VND147 - 148.5 million /tael (buying - selling), marking a VND5 million reduction in the buying price and a VND4 million decrease in the selling price.
Phu Quy SJC priced its gold bars at VND146 - 148.5 million /tael (buying - selling), with a VND4.9 million drop in the buying price and a VND4 million drop in the selling price.
Simultaneously, gold ring prices were also adjusted down significantly across most businesses compared to the October 21 transactions. SJC set its gold rings at VND145.5 - 148 million/tael (buying - selling), down by VND4.1 million on the buying side and VND3.8 million on the selling side.
DOJI listed its gold rings at 145 - 148 million VND/tael (buying - selling), a VND4.8 million reduction in the buying price and VND4.4 million decrease in the selling price.
PNJ also adjusted its prices, reducing VND4.3 million on the buying side and VND4.1 million on the selling side, with current transactions priced at VND145.4 - 148.4 million/tael (buying - selling).
As of 10:30 AM on October 22 (Vietnam Time), the international gold price stood at US$4,112 per ounce, reflecting a sharp decline of US$230 per ounce from the previous day’s peak of US$4,350 per ounce.
With the gold price on Kitco listed at US$4,112 per ounce (equivalent to VND130.7 million per tael based on the Vietcombank exchange rate), the domestic gold price is still VND17.8 million per tael higher than the global price.
The primary cause of this sharp decline is attributed to massive selling pressure from short-term speculators. Fears of position liquidations and margin calls on the futures market have placed significant pressure on gold prices. In addition, improved risk sentiment in the broader market, with US stock indices rebounding close to record highs, has diminished the appeal of precious metals, which are typically considered safe-haven assets.
Vietnam gold prices reach new peak following global uptrend
VOV.VN - Gold prices in Vietnam surged sharply on October 21, reaching a historic high of VND154.6 million per tael, up VND3.1 million from the morning session.
