Plain gold rings decreased by nearly 5 million VND per tael

On the morning of November 7, domestic gold prices fell across the board after witnessing the plunge of the world market.

Early in the day, gold shops continuously adjusted the price of gold rings down. Within 2 hours of opening, each tael of plain rings at some brands dropped by up to 4.6 million VND. Meanwhile, the selling price decreased more slowly, causing the difference between buying and selling prices to widen to nearly 2 million VND.

At 10:15, Saigon Jewelry Company (SJC) reduced the price of gold rings to 83.3 - 85.1 million VND, down 3.1 million VND for buying and 2.8 million VND for selling compared to yesterday. DOJI Jewelry Group listed plain rings at 82.8 - 84.4 million VND, down 4.6 million VND for buying and 4.1 million VND for selling. At the same time, the price of plain rings at PNJ was 83.9 - 85.1 million VND; Bao Tin Minh Chau was 83.4 - 85.4 million VND per tael.

Gold bars also went down this morning. SJC listed each tael at around 84.5 - 87.5 million VND, down 2.5 million VND for buying and 1.5 million VND for selling. The selling price of gold bars at 4 state-owned banks is currently also around 87.5 million VND per tael.

In the international market, each ounce of gold "evaporated" by 100 USD in the past 24 hours. Currently, the world gold price is around 2,654 USD per ounce, converted according to Vietcombank's selling rate, equivalent to 81.6 million VND per tael.

Precious metals fell as the dollar rose after Donald Trump was elected US President. The stronger dollar makes gold less attractive to buyers outside the US.

The dollar index hit a four-month high as investors bet that Trump's aggressive import tax hikes will accelerate US inflation, forcing interest rates to stay high for a while longer.

Domestically, the USD/VND exchange rate also increased sharply and reached an all-time high. The State Bank announced the central exchange rate this morning at 24,283 VND, up 25 VND compared to yesterday. With a 5% margin compared to the central exchange rate, commercial banks are allowed to buy and sell USD in the range of 23,068 - 25,497 VND.

The USD buying and selling prices at commercial banks this morning also increased to the ceiling, surpassing the record set in the middle of the year. Vietcombank this morning listed the USD buying and selling prices at around 25,167 - 25,497 VND. Meanwhile, at BIDV, the exchange rate increased to 25,197 - 25,497 VND.

In the free market, the USD price also recovered after a sharp decline, currently being bought and sold around 25,745 - 25,845 VND.