SJC gold bars are under 85 million

On October 10, gold bars were sold by brands for half a million VND in both buying and selling directions. Accordingly, SJC, PNJ or DOJI listed each amount of gold bars at 84.5 million VND on the selling side and 82.5 million VND on the buying side.

24K plain gold rings also decreased by several hundred thousand dong per tael. Saigon Jewelry Company (SJC) listed plain ring prices at 81.6 – 82.9 million VND, down 200,000 VND compared to yesterday. At DOJI Jewelry Group, plain rings are only 81.9 – 82.9 million VND per tael.

International gold prices decreased for 6 consecutive sessions in the past week. Each ounce of gold sometimes dropped more than 50 USD, currently trading around 2,615 USD. Converted at the Vietcombank selling exchange rate, world gold is equivalent to 78.9 million per tael (not including taxes and fees). The difference between domestic and international prices ranges from 4 to 5.5 million VND per tael.

Meanwhile, the USD tends to strengthen in the short term. Each USD traded at the bank increased by more than 300 VND, equivalent to 1.2%. Vietcombank listed the exchange rate at 24,640 – 25,030 VND. On the black market, the greenback increased slightly, around 25,250-25,350 VND.

According to previous forecasts of the Global Economic and Market Research Department, UOB Bank, precious metals may face short-term corrections. However, this bank predicts that gold prices will set new records, possibly reaching 2,700 USD an ounce in the fourth quarter of 2024 and reaching 2,800 USD early next year. The precious metal could even reach 3,000 USD an ounce by the third quarter of 2025.

The main risk with this positive scenario is the possibility of inflation suddenly accelerating again, forcing the US Federal Reserve (Fed) to narrow the scale of expected interest rate cuts. Therefore, the USD is more expensive and interest rates can be detrimental to gold.