Gold prices in Vietnam dropped on Monday morning, following a decline in global bullion rates. The Saigon Jewelry Company’s gold bar price fell by 0.82% to VND121 million (US$4,658.6) per tael, while the price of gold rings also saw a 0.85% decrease, reaching VND116 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Currently, Vietnam’s gold prices remain VND18 million per tael higher than global rates. Globally, gold slipped on Monday as positive signals from US-China trade talks reduced market concerns, prompting investors to move away from safe-haven assets toward riskier investments. Spot gold dropped 1.4% to $3,277.68 per ounce, while US gold futures fell 1.9% to $3,281.40.
Following the conclusion of high-stakes US-China trade talks on Sunday, US officials highlighted a “deal” to address the trade deficit, while Chinese officials emphasized “important consensus.” This optimism contributed to the dollar index’s increase, further weighing on gold prices.
Jigar Trivedi, senior commodity analyst at Reliance Securities, noted that in the near term, gold may continue to decline due to potential dollar appreciation and reduced demand for haven assets, with prices possibly reaching $3,200 per ounce. Gold traditionally thrives in a low-interest rate environment, making it sensitive to shifts in economic and political stability.
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