HCMC – Domestic gold prices extended their sharp decline early this week, with SJC-branded gold bars falling to around VND168 million per tael, down more than VND20 million from last week’s peak.
As of 9:30 a.m. on February 2, the domestic gold market recorded another steep drop of up to VND3.4 million per tael. SJC-branded gold prices quoted by Saigon Jewelry Company (SJC), DOJI and Phu Quy Group stood at VND165.6 million per tael for buying and VND168.6 million per tael for selling. At Phu Quy Group, SJC-branded gold was listed at VND169 million for buying and VND172 million for selling, down VND3.4 million compared to the January 31 close.
Gold rings also saw notable declines. Bao Tin Minh Chau quoted its gold ring buying prices at VND167 million and selling prices at VND170 million per tael, down VND2 million from the previous session. Meanwhile, Phu Quy Group listed gold rings at VND165.6–168.6 million per tael (buy-sell), a decrease of VND3.2 million.
On the global market, gold traded at around US$4,756 per ounce, equivalent to approximately VND149.6 million per tael based on Vietcombank’s exchange rate. This remains about VND19 million per tael lower than domestic SJC prices.
Silver prices also continued to slide sharply. Compared to last week’s peak, domestic silver prices have dropped by more than VND36 million per kilogram.
Phu Quy Group cut silver prices by an additional VND1.1 million per kilogram, quoting them at VND83.546 million for buying and VND86.133 million for selling. For silver measured by tael, prices stood at VND3.163–3.261 million.
Sacombank-SBJ adjusted its silver price list four times within the first hour of trading, with total declines reaching VND1.2 million per kilogram. Buying and selling prices were quoted at VND89.36 million and VND92.48 million per kilogram, respectively.
From the peak of over VND123 million per kilogram recorded on January 29, silver prices have fallen more than VND36 million. Over the past seven days, silver prices have dropped nearly 23%, though they remain up about 16%, or roughly VND12 million per kilogram, compared to a month earlier.
On the same morning, the State Bank of Vietnam (SBV) set the central exchange rate at VND25,064 per U.S. dollar, down VND10 from the end of last week.
Commercial banks adjusted their exchange rates mixedly. With the trading band of 5% on either side of the central rate, Vietcombank quoted the U.S. dollar at VND25,720–26,110 (buy/sell), unchanged from the previous session. VietinBank listed rates at VND25,727–26,107, down VND28, while BIDV quoted VND25,770–26,130, up VND2. Eximbank reduced its rates by VND50 to VND25,720–26,140.
