On the afternoon of October 25, the price of gold bars at Saigon Jewelry Company (SJC) decreased to 69.6 - 70.3 million VND per tael, 300,000 VND lower than yesterday. At DOJI Jewelry Group, gold bar prices also decreased to 69.5 - 70.3 million VND.

Thus, after soaring to 71 million VND last week, the price of gold bars has decreased by more than 800,000 VND in the past few days.

With branded plain round gold rings, each tael also decreased by nearly 300,000 VND compared to last weekend, to less than 59 million VND. SJC lists plain round rings of types 1-5 at only 57.85 - 58.85 million VND.

On the international market, precious metal prices have also cooled in recent days. Wall Street analysts expect precious metal prices to have a correction after a sharp increase over the past two weeks.

The world spot price of gold is trading around 1,970 USD per ounce, converted at Vietcombank exchange rate, equivalent to 58.7 million VND (not including taxes and fees). The price of gold rings in the country is 150,000 VND higher than the world price, with gold bars alone being nearly 12 million VND per tael higher.

On the foreign exchange market, the USD Index - a measure of the strength of the greenback - is still trading around the 106 point threshold. Domestically, USD prices have not fluctuated strongly in recent days. The official USD/VND exchange rate in the banking market is still anchored high at 24,350 - 24,720 VND, while the free USD is in the region of 24,520 - 24,600 VND.

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