Gold prices are retreating fast enough to push Vietnam’s SJC gold ring below 140 million dong a tael, as the global metal drops under $4,000 an ounce and domestic dealers cut quotes across bars and rings.
Gold Falls Below $4,000; Vietnam SJC Rings Ease
Gold
The move matters because gold has been one of the year’s most crowded safe-haven trades, and the latest slide shows how quickly that positioning can unwind when investors need liquidity or see higher-for-longer U.S. rates reasserting themselves. A fall in the world price is feeding straight through to local retail markets, squeezing recent buyers and easing costs for new entrants.
Sentiment Indicators
In Vietnam, SJC, Bao Tin Minh Chau and PNJ all cut gold bar prices by 300,000 dong a tael, to 138.7 million dong to 141.7 million dong, while Phu Quy bars were quoted at 137.7 million dong to 141.7 million dong. SJC gold rings were unchanged at 135 million dong to 139 million dong, but that still leaves the upper end below the 140 million dong threshold that has drawn attention from local buyers.
Other ring brands also weakened. Doji rings fell 300,000 dong to 137.2 million dong to 141.2 million dong, Phu Quy rings dropped to 137.7 million dong to 140.7 million dong, and Bao Tin Minh Chau’s round rings were quoted at 136.1 million dong for buying.
Globally, spot gold was quoted at 3,996.9 dollars an ounce, equivalent to about 125.4 million dong a tael before taxes and fees, after losing more than 4% since the start of the week. That marks the sharpest weekly selloff since early June, when markets were rattled by renewed Middle East tensions and expectations that the Federal Reserve would stay restrictive.
The break below 4,000 dollars is also showing up in derivatives and gold-linked funds. The SPDR Gold Shares ETF closed at 355.78 dollars on Oct. 30, down from 373.51 dollars two days earlier, while the fund’s relative strength index fell to 26.5, a level that suggests the selling has been intense by conventional technical standards.
Adalytica’s Gold Fear & Greed Index is at 7, which indicates extreme fear, underscoring how abruptly sentiment has reversed after months of strength. That kind of washout can attract bargain hunters, but it also raises the risk of further liquidation if broader markets keep selling off and traders keep raising cash.
Kitco’s latest weekly survey showed Wall Street analysts turning bearish, while retail investors remained more optimistic, a split that often appears near short-term turning points. Still, with Fed policy still in focus and gold having already broken a key psychological level, the next catalyst is likely to be the central bank’s rate decision and any further moves in Treasury yields and the dollar.
| Entity | Gains | Losses |
|---|---|---|
| New buyers | ▲Lower entry prices | ▼Recent longs |
| Vietnamese jewelry buyers | ▲Cheaper ring prices | ▼Sellers holding inventory |
| Gold bulls | ▲Potential rebound if Fed turns dovish | ▼Momentum traders |
| Fed and higher-yield assets | ▲Easier pressure on gold | ▼Safe-haven demand |
