On the morning of 29/8, Saigon Jewelry Company (SJC) listed gold bar prices at 145.7 - 148.7 million dong per tael, a decrease of 1.5 million dong compared to late yesterday. Other brands made similar adjustments.
SJC also reduced prices for plain round rings by 1.5 million dong from yesterday, now ranging from 145.2 - 148.2 million dong per tael. PNJ, DOJI, and Bao Tin Manh Hai purchased these rings at 145.7 million dong, with selling prices fluctuating between 148.7-149.7 million dong.
Domestic gold prices mirrored a decline in international markets. On 28/8, global spot gold closed down over 146 USD per ounce, settling at 4,454 USD.
The market experienced significant volatility, with investors anticipating potential interest rate hikes following remarks from US Federal Reserve (Fed) Chairman Kevin Warsh regarding efforts to curb inflation. Gold typically loses its appeal in high-interest rate environments as it offers no yield.
Independent analyst Tai Wong noted that gold prices faced significant pressure after Kevin Warsh stated that inflation was not subsiding and the Fed "still has much work to do". "While actions may diverge from rhetoric, this will lead the market to view the September meeting as a gamble," Wong stated.
Based on Vietcombank's exchange rate, global gold is equivalent to 142 million dong per tael. Domestic selling prices currently show a difference of nearly 7 million dong, a significant widening compared to last week's one-three million dong gap. Gold brands have also been repurchasing at prices higher than the international market.
Discussing the future trend of domestic gold, Doctor Ngo Minh Hai, Vice Rector of the University of Economics and Finance Ho Chi Minh City (UEF), predicted more stable prices rather than significant fluctuations. In the short term, the market might experience minor oscillations and technical accumulation. However, leading up to the year-end and Tet (Lunar New Year) holidays, increased demand for gold production for festive occasions is expected to drive prices upward.
Domestic silver bar and ingot prices also dropped by over 5% today. Phu Quy and Ancarat traded silver ingots at 2.20 - 2.27 million dong per tael, equivalent to 58.8 - 60.6 million dong per kg. DOJI's trading price for silver was 2.22 - 2.32 million dong per tael.
Trong Hieu
