At the end of the trading session on October 30, the price of SJC gold bars was listed by large enterprises at 145.8-147.8 million VND/tael (buy in - sell out). The lowest price of this item yesterday was 144.6-146.6 million VND/tael (buy in - sell out).
Compared to the peak recorded on October 21 at 153.6-154.6 million VND/tael (buy - sell), each tael of gold bar decreased by 6.8 million VND in both buying and selling directions.
Yesterday's gold bar price continued to "plummet" in the context of the world gold price still below the 4,000 USD/ounce range. Accordingly, this metal is anchored around 3,960 USD/ounce. Converted at the exchange rate excluding taxes and fees, the precious metal is equivalent to 126.2 million VND/tael. The difference between the gold bar price and the world price fluctuates around 20 million VND/tael, depending on the time.
Gold bars are displayed for sale by businesses (Photo: Thanh Dong).
This morning, the price of gold bars increased to 4,000 USD/ounce at times but fluctuated up and down. Gold prices showed signs of recovery from the lowest level in 3 weeks in the context of the US Federal Reserve (Fed) cutting interest rates for the second time this year, by 25 basis points (0.25%) to 3.75-4%. This decision matched the market's previous forecast.
Analysts said this development could be due to bottom-fishing buying, after the precious metal lost value earlier when Fed Chairman Jerome Powell said the agency was not sure about cutting interest rates at its December meeting.
Although gold tends to rise when interest rates are low, Peter Grant, a strategist at precious metals trading firm Zaner Metals, said the move was still reasonable. "Jerome Powell lowered expectations for a December rate cut, which boosted the dollar and put pressure on gold," he explained. The USD-Index also rose, making the precious metal more expensive for non-US buyers.
Since the beginning of the year, the world gold price has increased by 51%, mainly due to trade tensions and expectations of US interest rate cuts. The price reached a new peak of 4,381 USD per ounce on October 20. However, the price has cooled down somewhat, partly due to the easing of trade tensions.
Analysts at ANZ Research predict the rally could be capped by a meeting between US President Donald Trump and Chinese President Xi Jinping, with the two leaders likely to finalize a deal that would reduce import tariffs on Chinese goods.
However, looking at the price trend next year, according to the survey results at the London Bullion Market Association (LBMA) Global Precious Metals Conference 2025, delegates forecast that gold prices could increase to $4,980/ounce, equivalent to an increase of about 25% compared to the present.
Source: https://dantri.com.vn/kinh-doanh/gia-vang-mieng-giam-gan-7-trieu-dong-tu-dinh-20251031005206940.htm
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