In a notable shift, Vietnam’s gold prices saw a slight decline on Tuesday morning, while global benchmarks remained largely stable amidst fluctuating market sentiments. The Saigon Jewelry Company reported that the price of gold bars dipped by 0.08%, settling at VND121 million (approximately US$4,616.30) per tael. Meanwhile, gold rings saw a minor increase of 0.17%, priced at VND116.9 million per tael.
Despite the slight retreat in prices, gold in Vietnam has experienced a robust year, climbing 43.7% since the start of 2023.
Internationally, gold prices remained nearly unchanged, hovering close to a three-week low amid easing concerns over a potential global tariff war and a strengthening U.S. dollar. According to Reuters, spot gold was steady at $3,311.33 per ounce, having previously dipped to its lowest mark since July 9.
Tim Waterer, the Chief Market Analyst at KCM Trade, commented on the current market dynamics, stating, “Gold trading at around $3,300 or below continues to attract buyers. While trade agreements and a robust dollar may be weighing on gold in the short term, the longer-term outlook still holds potential for gains.” It seems gold’s allure remains resilient, much like that friend who never fails to come to your side when you need them most.
What caused the drop in Vietnam’s gold prices on Tuesday?
The decline in Vietnam’s gold prices was attributed to a slight dip in the global market, coupled with a stronger U.S. dollar and easing fears surrounding a global tariff war.
How much has gold in Vietnam increased this year?
Gold in Vietnam has surged 43.7% since the beginning of 2023, reflecting significant growth in the market.
What did KCM Trade’s Chief Market Analyst say about the future of gold prices?
Tim Waterer emphasized that despite short-term pressures from trade deals and a strong dollar, there remains potential for gold prices to rise in the longer term, highlighting its continuous appeal to buyers.
