Gold prices in Vietnam took a notable plunge on Monday morning, mirroring a downward trend in global bullion markets as the United States and European Union reached an agreement on a deadline for a much-anticipated trade deal.
The Saigon Jewelry Company’s gold bars fell by 0.82%, bringing the price to VND120 million (approximately US$4,631.42) per tael. Meanwhile, gold rings saw a decrease of 0.86%, now priced at VND115 million per tael, with one tael equating to 37.5 grams or 1.2 ounces. Interestingly, despite this drop, gold prices have skyrocketed by 42.5% since the start of the year, keeping investors on their toes.
Globally, gold prices softened on Monday after U.S. President Donald Trump set a July 9 deadline to finalize a trade agreement with the European Union, retracting his earlier stance of imposing a 50% tariff starting June 1. As reported by Reuters, spot gold dipped 0.3% to $3,346.59 an ounce, while U.S. gold futures experienced a 0.6% decline, settling at $3,345.70.
Kyle Rodda, an analyst at Capital.com, commented on the market fluctuations, stating, “There is a kind of element of relief in the marketplace after the pause on tariffs on the EU, and we’re seeing gold weaken.”
So, as the gold market takes a breather, investors wonder: will a shiny future be on the horizon, or are we just polishing the surface?
What caused the drop in gold prices in Vietnam?
The decline in gold prices is attributed to global market shifts following the U.S.-EU trade deal, easing fears of impending tariffs.
How much has gold surged since the start of the year?
Gold prices have surged by an impressive 42.5% since January 2023.
What are the current prices for gold bars and rings in Vietnam?
As of Monday, the price for gold bars is VND120 million per tael, while gold rings are priced at VND115 million per tael.
