SJC Increases Gold Supply, Prices Drop Sharply

SJC slashed its buying price by 1 million VND per tael, bringing it down to 132.3 million VND, while the selling price slipped to 134.8 million VND. Bao Tin Minh Chau made similar adjustments, listing buy prices at 132.3 million VND and sell prices at 134.8 million VND.

Four-nine (99.99%) gold rings also saw declines. At Bao Tin Minh Chau, buying fell to 127.7 million VND per tael and selling to 130.7 million VND. Phu Quy listed buy prices at 127.5 million and sell prices at 130.5 million. SJC quoted buy prices at 126.9 million and sell prices at 129.9 million per tael.

As selling outweighed buying, gold dealers cut buy prices more steeply than sell prices, widening the bid–ask spread to 2.5 million VND per tael.

The domestic market mirrored global movements, with international gold prices falling from a record high of USD 3,666 per ounce to USD 3,632 per ounce, a drop of USD 13 within hours. The correction followed profit-taking by investors after record gains, compounded by weaker-than-expected U.S. economic data.

According to the U.S. Bureau of Labor Statistics, the Producer Price Index (PPI) for August unexpectedly declined by 0.1% month-on-month, against market forecasts of a 0.3% increase. This marked the first drop in four months, largely due to lower wholesale costs for machinery and vehicles. On a yearly basis, PPI rose 2.6%, down from 3.1% in July and below the projected 3.3%.