Gold ring prices suddenly bounce back following falling streak
VOV.VN - Vietnam’s gold ring prices suddenly increased on November 16 morning after a falling streak to a two-month record low, while gold bar prices remained steady.
These changes saw Saigon Jewelry Company (SJC) in Ho Chi Minh City increase its gold ring prices to VND79.5 million per tael for buying and VND82 million per tael for selling. This marks a price increase of VND300,000 per tael for selling compared to Nov. 15 close.
Meanwhile, Bao Tin Minh Chau listed the price of gold rings at VND80.78 million and VND82.68 million per tael for buying and selling, respectively, up VND460,000 per tael from the previous transaction.
Doji Group bought and sold gold rings at VND81 million and VND82.7 million per tael, respectively, a VND600,000 rise compared to transactions on November 15.
Meanwhile, the gold bar prices listed by all gold enterprises remained unchanged at VND83.5 million for selling.
Globally, gold prices witnessed a slight decrease of US$3 per ounce compared to the previous trading session, standing at around US$2,563 per ounce.
According to market analysts, the recent decline in gold prices following Donald Trump’s landslide victory in the US presidential election marks a shift in investor sentiment, as they focus on more profitable investment channels rather than safe-haven assets. However, this could just be a temporary obstacle, and long-term forecasts for gold prices remain optimistic, especially as central banks are cutting interest rates.
Meanwhile, December is typically a peak season for gold consumption in Asian countries like China, India, Thailand, the Republic of Korea, and even Vietnam, that coincides with the wedding season. This could drive strong demand, and therefore gold prices could bounce back.
