Vietnamese gold prices remained stable on Wednesday afternoon, even as global bullion rates slipped slightly. In the heart of Ho Chi Minh City, the price of gold bars offered by the Saigon Jewelry Company was consistent at VND119.6 million (approximately US$4,583.78) per tael, while gold rings were priced at VND116.2 million. For context, a tael equals about 37.5 grams, or 1.2 ounces.
Since January, gold bar prices have surged by an impressive 42%.
On the international scene, gold prices dipped slightly amid volatile trading as investors exercised caution ahead of the U.S. Federal Reserve’s upcoming policy decision. An ongoing military conflict between Iran and Israel also loomed large over market sentiment.
As for the numbers, spot gold fell by 0.2%, landing at $3,381.10 an ounce, while U.S. gold futures also lost 0.2%, settling at $3,399.30.
As tensions escalated, both Iran and Israel exchanged missile strikes on Wednesday, extending their conflict into a sixth day, despite U.S. President Donald Trump’s call for Iran’s unconditional surrender, which is about as popular as asking someone to leave the party early.
In the U.S., retail sales figures released on Tuesday showed a steeper drop than anticipated for May, primarily due to reduced vehicle purchases as consumers rushed to beat anticipated tariff hikes.
Meanwhile, the consensus expectation is that the U.S. central bank will leave interest rates unchanged following its policy meeting later today.
Goldman Sachs remains bullish, predicting that strong central bank buying and increasing ETF holdings from prospective Fed cuts could push gold prices to $3,700 an ounce by the end of 2025, with a possible rise to $4,000 by mid-2026.
What are the current gold prices in Vietnam?
The current prices are VND119.6 million for gold bars and VND116.2 million for gold rings, with one tael equaling approximately 37.5 grams.
What is influencing the global gold market right now?
Global gold prices are being influenced by investor caution ahead of the U.S. Federal Reserve’s policy announcement and ongoing conflicts, particularly between Iran and Israel.
What does Goldman Sachs predict for gold prices in the near future?
Goldman Sachs forecasts that gold could rise to $3,700 an ounce by the end of 2025 and potentially reach $4,000 by mid-2026, fueled by strong central bank demand and ETF investments.
