Gold price drops another half million dong per tael

Gold bars and plain rings fell by more than half a million VND per tael this morning, following the developments of precious metals on the international market.

On the morning of November 14, Saigon Jewelry Company (SJC) listed gold price The price of gold bars is 80 - 83.5 million VND, down 500,000 VND per tael compared to yesterday. Four state-owned banks listed the price of gold bars sold to the market at 83.5 million VND per tael.

This morning, major brands also lowered the price of plain gold rings by 600,000-700,000 VND per tael compared to yesterday.

SJC listed the buying and selling price of plain rings at 79 - 81.7 million VND, down 700,000 VND for buying and 500,000 VND for selling compared to the end of yesterday. DOJI Gold and Gemstone Group reduced the buying price by 600,000 VND and the selling price by 700,000 VND, down to 80.5 - 82.5 million VND. At PNJ, plain rings dropped to 80 - 81.9 million VND. Bao Tin Minh Chau listed the price at 80.5 - 82.6 million VND per tael.

Compared to the record price set at the end of October, each tael of plain rings is about 7-8.5 million VND lower, equivalent to a decrease of about 8%. In particular, the purchase price has decreased more sharply, causing the buying and selling gap to widen.

In the international market, the world gold price has decreased for four consecutive sessions, currently at 2,562 USD per ounce, 8% lower than the record set at the end of October.

Mr. Heng Koon How, Head of Market Strategy, Global Economics and Market Research, UOB Singapore, commented that the decline in gold is related to investor sentiment after Mr. Donald Trump was elected.

Trump’s election as US president has raised concerns among global investors about the risk of rising inflation due to higher trade tariffs with China, as well as the risk of increasing US fiscal deficits and debt levels. As a result, long-term US bond yields have risen, leading to a stronger US dollar.

Accordingly, gold encountered a sharp correction as the precious metal tends to react negatively to higher yields and a stronger USD.

However, UOB experts said they still maintain a positive outlook for gold and keep their forecast that the precious metal will reach $3,000 an ounce in the third quarter of next year.

There will be short-term volatility and uncertainty, due to the negative impact of a stronger USD on precious metals. However, in the long term and through 2025, global central banks, especially China, are expected to diversify away from the USD and increase their gold reserves. At the same time, many of Trump’s policies could also increase global investors’ demand for safe-haven assets, especially gold.

"This is a positive signal for gold as demand increases from both central banks and individual investors," said Heng Koon How.

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