HCMC – Vietnam’s gold prices fell sharply on December 2 after reaching an all-time high the previous day, with SJC gold dropping by up to VND1.1 million per tael as global gold prices weakened ahead of key U.S. economic data releases.
SJC gold bars declined by VND600,000 per tael, with Saigon Jewelry Company (SJC) buying at VND152.6 million and selling at VND154.6 million per tael. Mi Hong lowered its buying price by VND200,000 to VND153.3 million and quoted the selling price at VND155.2 million. Phu Quy also cut its buying price by VND600,000 to VND151.6 million and offered selling at VND154.6 million per tael.
In total, SJC gold has dropped VND1.1 million per tael from its historic peak of VND155.7 million recorded on December 1.
Gold ring prices also slid by VND500,000–600,000 per tael. Phu Quy bought at VND150.6 million and sold at VND153.6 million, while SJC quoted buying prices at VND150.3 million and selling prices at VND152.9 million per tael.
On the global market, spot gold shed US$24 per ounce to US$4,208 on December 1 after briefly touching US$4,260 during U.S. trading hours. The decline was attributed to profit-taking as investors awaited key economic indicators, including the November ADP jobs report due Wednesday and the September PCE inflation reading scheduled for Friday.
On the same day, the State Bank of Vietnam set the central exchange rate at VND25,153 per U.S. dollar, down VND3 from the previous day.
At commercial banks, within the trading band of 5% on either side of the central exchange rate, Vietcombank raised its buying rate by VND7 to VND26,170 but lowered its selling rate by VND3 to VND26,410. ACB increased its buying rate by VND10 to VND26,190 and similarly reduced its selling price by VND3 to VND26,410.
