On Tuesday morning, the price of gold in Vietnam dropped, even as global rates remained stable. A notable drop was seen in the gold bar from Saigon Jewelry Company, which decreased by 0.53%, making its current price VND148.2 million (US$5,628.34) per tael.
There was also a decrease in the price of gold rings, with rates falling by 0.34%, establishing a current price of VND145.9 million per tael of 37.5 grams, or 1.2 ounces. Despite such recent drops, there has been a significant increase in the price of gold in Vietnam throughout the year, with a surge of 76% observed so far.
On a global scale, gold prices remained largely unchanged as investors anticipated the U.S. private payroll data expected to be released later this week. This data is critical in assessing the potential for an additional interest rate cut from the U.S. Federal Reserve this year.
Spot gold displayed minimal changes, maintaining a steady rate at $3,993.10 an ounce. Edward Meir, an analyst at Marex, suggests that gold is in the process of establishing a trading range, potentially in the high 3000s to the mid-4000s. This range is considered a consolidation following a significant move in prices.
Despite a sharp increase of 53% this year, there has been an 8% decrease in the price of the metal from the record high that was observed on October 20th. Ole Hansen, the head of commodity strategy at Saxo Bank, commented on the current trend in gold prices. He noted, “Gold’s pause still looks like a breather, not a breakdown. Seasonal softness, temporary Chinese policy noise, and a firmer dollar explain the short-term retreat, but none change the longer-term narrative.”
What is the current price for Saigon Jewelry Company’s gold bar?
The current price for Saigon Jewelry Company’s gold bar is VND148.2 million (US$5,628.34) per tael.
By how much has the price of gold in Vietnam increased this year?
The price of gold in Vietnam has seen a substantial increase of 76% this year.
What factors are contributing to the current global gold price trend?
Several factors, including seasonal softness, temporary Chinese policy noise, and a stronger dollar, are contributing to the short-term retreat in global gold prices. However, these do not influence the longer-term narrative.
