HCMC – Domestic gold prices plunged sharply on January 31, with SJC-branded gold bars tumbling by up to VND9 million per tael to around VND172 million, marking one of the steepest single-day declines after prices retreated from their recent peak.
Saigon Jewelry Company (SJC), DOJI and Phu Quy Jewelry slashed SJC-branded gold bar prices by VND9 million per tael. At 9:30 a.m., these firms quoted buying prices at around VND169 million and selling prices at VND172 million per tael, down sharply from the close of January 30. At Phu Quy, SJC-branded gold prices were adjusted to the same range, also reflecting a VND9 million drop.
Gold ring prices dropped sharply. Bao Tin Minh Chau cut gold ring prices by VND9 million per tael, quoting buying and selling prices at VND169 million and VND172 million, respectively. Meanwhile, Phu Quy reduced gold ring prices by VND8.8 million, with buying prices at VND168.5 million per tael and selling prices at VND171.5 million.
Compared with the peak recorded earlier this week, prices of both SJC-branded gold bars and gold rings have fallen by nearly VND20 million per tael.
In the global market, gold prices dropped steeply by nearly US$500 per ounce to around US$4,891. At this level, global gold prices are equivalent to approximately VND154 million per tael when converted at Vietcombank’s exchange rate, remaining about VND18 million per tael lower than domestic SJC-branded gold prices.
On the currency market, the U.S. dollar weakened slightly at local banks. Vietcombank quoted the dollar at VND25,720 for buying and VND26,110 for selling, down VND70 from the previous session. VietinBank lowered its rates by VND40 to VND25,595–26,135 per dollar, while BIDV reduced rates by VND52 to VND25,768–26,128. Eximbank posted buying and selling rates at VND25,790 and VND26,190 per dollar.
