Gold prices in Vietnam declined on Monday morning, even as international markets saw gains in bullion prices.
The Saigon Jewelry Company (SJC) reported a 0.82% drop in the price of its gold bars, bringing the rate down to VND120.3 million (approximately US$4,630.22) per tael. Meanwhile, the price of gold rings fell even further, declining by 1.29% to VND115 million per tael. (Note: One tael equals 37.5 grams or roughly 1.2 ounces.)
Earlier in April, Deputy Prime Minister Ho Duc Phoc urged the State Bank of Vietnam to closely monitor both domestic and global financial markets — including gold and foreign exchange. He emphasized the need for prompt action to stabilize the gold market, enforce regulations, and ensure transparency through strict inspections and enforcement.
SJC Gold Price (VND million/tael)
1 million VND ≈ $38.49
On the international front, gold prices edged higher, supported by a weakening U.S. dollar. Spot gold rose by 0.7% to $3,261.59 an ounce, while U.S. gold futures saw a 0.8% gain, reaching $3,269.60.
The dip in the dollar’s value made gold more appealing to investors holding other currencies, according to analysts.
“The U.S. dollar is on the back foot ahead of this week’s Federal Reserve meeting, which has allowed gold to make modest gains,” said Tim Waterer, chief market analyst at KCM Trade.
He added that gold may continue to fluctuate within the $3,200 to $3,350 range in the lead-up to the Fed’s decision, though unexpected developments in U.S. trade policy could stir volatility.
Gold, which doesn’t yield interest, often acts as a safe-haven asset during times of global uncertainty and inflation — particularly in environments with low interest rates.
