Gold coins for sale in a shop in Hanoi in March 2025. Photo by VnExpress/Giang Huy
Vietnam gold prices plunged Saturday morning to the lowest since July 22, following a 3% tumble of the precious metal on global markets.
Saigon Jewelry Company gold bar went down 1% to VND148.7 million (US$5,700.59) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring dipped 0.99% to VND149.7 million per tael. Gold prices in Vietnam have fallen 2.68% so far this year.
Globally gold prices reversed course and fell over 3% on Friday, as traders increased bets on an interest rate hike after Federal Reserve Chairman Kevin Warsh’s remarks on curbing inflationary pressure, Reuters reported.
Spot gold was down 2.9% at $4,567.23 per ounce, its lowest level since August 20. U.S. gold futures for December delivery settled 2.9% lower at $4,529.9.
Bullion has fallen 2.9% this week after today’s decline, pulling back from the more than three-month high of $4,696.18 reached on Tuesday.
“Gold is getting slapped hard as Chair Warsh affirms that inflation isn’t meaningfully slowing and the Fed has ‘work to do.’ While it may once again be ‘speak loudly and carry a short stick’ this will make the market price the September meeting as a coin flip,” independent analyst Tai Wong said.
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