SJC adjusted gold prices twice within 30 minutes of opening today, bringing buying and selling rates down to 181,2 - 184,2 million VND per tael. This marked a 4 million VND decrease from yesterday. Over two days, gold prices have fallen by almost 7 million VND per tael.

Other prominent gold brands, including Doji, Bao Tin Minh Chau, and Phu Quy, made similar adjustments to their gold bar prices. Businesses maintained the buy-sell spread at around 3 million VND per tael.

Plain gold rings also saw price reductions. SJC lowered its plain ring prices by 4 million VND, settling around 180,9 - 183,9 million VND. Doji and Bao Tin Manh Hai traded this item at 180,2 - 183,2 million VND, while PNJ and Mi Hong quoted 181,2 - 184,2 million VND. Bao Tin Minh Chau reported the highest prices for plain gold rings among brands, at 182 - 185 million VND per tael.

Domestic gold prices declined sharply, mirroring a significant global downturn. At the close of 3/3, global spot gold prices fell by 233 USD, reaching 5,087 USD per ounce. The precious metal, however, rebounded in the 4/3 session, rising to 5,173 USD.

Converted at Vietcombank's exchange rate, global gold is equivalent to 163,4 million VND per tael. The difference between domestic and global gold prices remains around 20 million VND per tael. This market decline occurred as the US dollar strengthened. The Dollar Index, measuring the USD's strength against six major currencies, increased by 0,9% to a one-month high. Rising US government bond yields also negatively impacted both silver and gold.

Huynh Trung Khanh, Vice Chairman of the Vietnam Gold Business Association, predicts that domestic gold will continue to follow global trends in the short term. He stated that the domestic supply and the difference with global prices will narrow once regulatory bodies officially grant import quotas for raw materials and gold bar production to certain banks and enterprises.

In contrast, domestic silver bars and ingots increased by nearly 5%, after a nearly 10% drop yesterday. Phu Quy Gold Investment Joint Stock Company listed this item at 3,18 - 3,28 million VND per tael. Converted to kilograms, silver bars are priced at 84,79 - 87,41 million VND. Ancarat traded silver bars at 3,19 - 3,29 million VND, while Sacombank - SBJ quoted 3,25 - 3,35 million VND.

By Trong Hieu