Gold bar price drops nearly 7 million VND from peak

At the close of trading on October 30th, the price of SJC gold bars was listed by major businesses at 145.8-147.8 million VND/ounce (buy-sell). The lowest price recorded yesterday for this commodity was 144.6-146.6 million VND/ounce (buy-sell).

Compared to the peak recorded on October 21st at 153.6-154.6 million VND/ounce (buying price - selling price), each ounce of gold decreased by 6.8 million VND in both buying and selling prices.

Gold bullion prices continued to plummet yesterday as global gold prices remained below $4,000 per ounce. The price hovered around $3,960 per ounce. Converted using the exchange rate excluding taxes and fees, this is equivalent to approximately 126.2 million VND per tael (1 tael = 37.8 grams). The difference between the price of gold bullion and the global price fluctuates around 20 million VND per tael, depending on the time.

Gold bar prices have fallen by nearly 7 million VND from their peak - 1

Gold bars are displayed for sale by businesses (Photo: Thanh Dong).

This morning, the price of gold bullion briefly rose to $4,000 per ounce, but fluctuated. Gold prices showed signs of recovery from their lowest level in three weeks amid the US Federal Reserve's second interest rate cut this year, by 25 basis points (0.25%) to 3.75-4%. This decision matched previous market forecasts.

Analysts suggest this development may be due to bargain buying, following earlier declines in the price of precious metals after Fed Chairman Jerome Powell indicated that the agency was uncertain about cutting interest rates at its December meeting.

Although gold tends to rise when interest rates are low, Peter Grant, a strategist at Zaner Metals, a unit specializing in precious metals trading, believes this development is still reasonable. "Jerome Powell has lowered expectations for a December interest rate cut, causing the dollar to appreciate, which in turn puts pressure on gold," he explained. The USD-Index also rose, making the precious metal more expensive for buyers outside the US.

Since the beginning of the year, world gold prices have risen 51%, mainly due to trade tensions and expectations of a US interest rate cut. Prices briefly reached a new peak of $4,381 per ounce on October 20th. However, prices have cooled somewhat, partly due to easing trade tensions.

Analysts at ANZ Research predict that the upward momentum may be curbed by the meeting between US President Donald Trump and Chinese President Xi Jinping. The two leaders are likely to finalize an agreement that would reduce import tariffs on Chinese goods.

However, looking at price trends for the coming year, according to the survey results at the London Gold Market Association (LBMA)'s 2025 Global Precious Metals Conference, delegates predicted that the price of gold could rise to $4,980 per ounce, equivalent to an increase of about 25% from the current price.

Source: https://dantri.com.vn/kinh-doanh/gia-vang-mieng-giam-gan-7-trieu-dong-tu-dinh-20251031005206940.htm