Vietnam SJC gold slides to $6,430, then rebounds as global prices swing

Spot gold slipped to as low as $4,600 an ounce earlier in the session before recovering, and was last quoted at $4,733.8 an ounce at 9:00 am (Vietnam time), down $155.6 from $4,889.4 at the end of last week.

At prevailing bank exchange rates, the global gold price equated to about VND149 million ($5,737.7) per tael, or 37.5 grams/1.2 ounces.

Saigon Jewelry Company (SJC) initially quoted its flagship gold bar at VND167 million per tael, down VND5 million ($192) from the weekend, before raising the selling price by VND1.6 million ($61) to VND168.6 million ($6,491) about 30 minutes later, with the buying price at VND165.6 million ($6,377).

Prices of 99.99-percent gold rings moved in tandem, selling at VND168.1 million ($6,473) per tael and buying at VND165.1 million ($6,357.7).

From its recent peak, the SJC gold bar price has fallen a total of VND22.7 million ($874) per tael.

Global gold prices, after three straight sessions of declines, have nearly returned to levels seen before the latest rally.

Tran Duy Phuong, a gold market analyst, said global prices could rebound in the early part of the week after the sharp pullback, but may come under pressure again after recovering toward the $5,070-an-ounce level.