Editor’s Note
This article highlights a sharp reversal in Vietnam’s domestic gold market on February 5, following a significant price surge in the preceding days. The sudden downturn underscores the market’s inherent volatility.
Previously, during the two trading sessions on February 3-4, the price of SJC gold bars increased by a total of 14.2 million VND/tael. However, on February 5, the gold market experienced unexpected volatility as prices suddenly reversed and fell sharply.
At the start of trading on February 5, Saigon Jewelry Company Limited (SJC) listed the price of gold bars at 175.8 – 178.8 million VND/tael (buy-sell), a decrease of 1.4 million VND/tael in both the buying and selling prices compared to the closing price on February 4 (Wednesday).
By 11:30 AM the same day, the SJC gold bar price was adjusted to 173-176 million VND/tael (buy-sell), a decrease of 2.8 million VND/tael in both buying and selling prices compared to the price listed at the morning’s opening.
At the close of trading on February 5, the SJC gold bar price was set at 174.2 – 177.2 million VND/tael (buy-sell), a decrease of 3 million VND/tael compared to the previous trading session’s close.
Similarly, in Hanoi and Ho Chi Minh City, the SJC gold price at the Doji Group remained around 174.2 – 177.2 million VND/tael (buy-sell), a drop of 3 million VND/tael in both buying and selling prices compared to the previous day’s closing. The buy-sell spread remained stable at 3 million VND/tael.
At Phu Nhuan Jewelry (PNJ), the SJC gold price is listed between 174.2 – 177.2 million VND/tael (buy-sell). The buy-sell spread is 3 million VND/tael.
In the afternoon, the price of SJC gold bars at Phu Quy was around 173.7 – 176.7 million VND per tael (buy-sell), a drop of 3.5 million VND per tael in both buying and selling compared to the previous day’s closing price. The buy-sell spread was 3 million VND per tael.
At Bao Tin Minh Chau, the listed price of SJC gold is 174.2 – 177.2 million VND/tael (buy-sell), 3 million VND/tael lower than the previous day’s close. The difference between the buying and selling prices is 3 million VND/tael.
Additionally, at Bao Tin Manh Hai, the price of SJC gold bars decreased by 3 million VND/tael in both buying and selling values compared to the previous day’s close, and the session ended at 174.2 – 177.2 million VND/tael (buy-sell).
Gold prices plunged sharply on February 5 following a strong rally in the previous two sessions.
Similar to gold bars, gold ring prices also saw a sharp decline today. Specifically, as of 6:30 PM on February 5, the price of SJC gold rings (1-5 tael) was 171.5-174.5 million VND/tael (buy-sell), 5.2 million VND lower than the closing price on February 4.
At Bao Tin Minh Chau, the price of plain gold rings was recorded between 174.2 – 177.2 million VND/tael (buy-sell), a drop of 3 million VND/tael in both directions compared to the previous day. The difference between the buying and selling price remains at 3 million VND/tael for now.
In Hanoi, the price of Doji Hung Thinh Vuong 9999 gold rings at the Doji Group is 173-176 million VND per tael, a sharp drop of 4 million VND per tael in both buying and selling prices compared to the previous day. The spread between the buying and selling prices is 3 million VND.
At Phu Quy Company, the price of 999.9 purity gold rings is between approximately 173.7 – 176.7 million VND per tael, a sharp drop of 3 million VND per tael in both buying and selling compared to the previous day’s closing price. The buy-sell spread is 3 million VND per tael.
The main reason for the sharp drop in the domestic gold market is the significant decline in global gold prices. According to Kitco, global gold prices fell on the morning of February 5. At 8:43 AM (Vietnam time), the spot gold price on the international market was $4,972.8 per tael, $77.2 per tael lower than the previous evening.
According to the prevailing US dollar exchange rate at banks, when converted to Vietnamese Dong on February 5, the world gold price was approximately 157.9 million VND/tael (including taxes and fees). Currently, the world gold price is about 20.9 million VND/tael lower than the domestic gold price.