Gold Prices in Vietnam Plummet Amid Global Slowdown and Market Fluctuations
Gold prices in Vietnam have witnessed a significant decline this week, with both buying and selling prices decreasing for various types of gold. The decrease comes amidst a global slowdown in stock market today and domestic market fluctuations. Market participants await the US Federal Reserve's interest rate decision this week, which is expected to impact gold prices.
Gold prices in Vietnam have decreased by VNĐ1.8 million, VNĐ1.35 million, and VNĐ1.05 million per tael for 24K, 18K, and 14K gold respectively. This follows a record high of $4,381.21 per ounce on October 20, which then retreated by 3.2% last week, falling below the $4,000 per ounce mark on Monday. Capital Economics analysts have lowered their gold price today forecast to $3,500 per ounce for end-2026, citing the difficulty in justifying the recent 25% jump in prices.
Domestically, gold bar prices at SJC and PNJ shops dropped by VNĐ1.7 million per tael to VNĐ145.7-147.2 million per tael. Similarly, Doji and Phu Quy groups saw a decrease of VNĐ1.9 million for buying and VNĐ1.7 million for selling. Gold ring prices at SJC Company and PNJ also decreased by VNĐ1.8 million per tael to VNĐ144-147 million per tael. Domestic experts advise caution when trading gold due to large stock market fluctuations.
The sharp drop in gold prices is attributed to international investors taking profits after a period of hot growth and easing US-China trade tensions. Market participants now await the US Federal Reserve's interest rate decision this week, which is expected to impact gold prices. Despite the recent decline, gold prices remain volatile, and investors are advised to stay informed about market developments.
