Gold price "plummets" to 3-month low

On October 4, the world gold price "plummeted", causing the domestic gold price to simultaneously lose the 36 million VND/tael mark (buying price), the lowest level since July 3.

At nearly 9:30 a.m. on October 4, the price of SJC gold in Hanoi was listed by several large gold businesses at VND35.94 million/tael (buy) - VND36.01 million/tael (sell) for retail transactions and VND35.95 million/tael - VND36 million/tael for wholesale transactions.

These prices continued to decrease by 20,000 VND/tael each way compared to the opening of the morning session and decreased by 60,000 VND/tael compared to the closing price yesterday.

Previously, when the market opened, the price of SJC gold bars was listed at 35.96 million VND/tael - 36.03 million VND/tael, down 40,000 VND/tael compared to the previous day's market closing price.

In Ho Chi Minh City, SJC gold price decreased by 40,000 VND each way, to 35.86 million VND/tael - 36.08 million VND/tael.

Gold prices plummet to 3-month low

With the above adjustments, the price of SJC gold has now reached its lowest level since July 3. The current converted world gold price is VND35.3 million/tael, about VND730,000/tael lower than the domestic price. This difference has widened compared to the previous day because the domestic gold price has decreased more slowly than the international price.

Yesterday, the price of gold initially increased slightly but then gradually decreased and lost a total of 40,000 VND/tael in the day. Because the price fluctuated within a narrow range, trading in the market was quite slow.

In the world, the spot gold price in the Asian market is decreasing by 0.4 USD, trading at 1,1310.8 USD/ounce. In the trading session last night, the spot gold price decreased slightly to 1,131.2 USD/ounce; the gold price for December delivery decreased by 3.2 USD, to 1,313.8 USD/ounce.

Precious metals prices were pressured lower by the rising USD thanks to better-than-expected US manufacturing data. This week, the market received many US economic reports that have a great impact on the short-term development of the USD.

The turmoil surrounding Deutsche Bank has eroded public confidence in Europe's financial system, driving money into safe-haven assets like gold.

In the foreign exchange market, according to the announcement of the State Bank, the central exchange rate between VND and USD applied for October 4 is 1 USD = 21,952 VND, an increase of 4 VND compared to the previous day.

With a +/-3% margin currently applied, the ceiling rate that banks can apply today is 22,611 VND and the floor rate is 21,293 VND/USD. However, the exchange rate at commercial banks has not fluctuated much.

Specifically, Vietcombank is still listing USD at 22,265 VND - 22,335 VND, unchanged from yesterday morning. VietinBank increased 5 VND for buying, decreased 5 VND for selling, currently buying and selling USD at 22,275 - 22,335 VND.

According to Dan Tri