Vietnam gold prices drop sharply amid global market volatility

Gold prices in Vietnam experienced significant volatility on August 12. Domestic SJC gold bars saw a sharp decline of approximately 1.7 million VND per tael, trading around 140.8 to 143.8 million VND per tael. This movement occurred after prices had previously hit a two-week peak. Other major retailers like PNJ and DOJI also adjusted their prices downward in response to global trends.

Globally, gold prices faced pressure, dropping below the 4,400 USD/ounce mark. Despite this, the SPDR Gold Trust has been aggressively accumulating metal, purchasing nearly 17 tons over six consecutive sessions. Market analysts note that while rising US Treasury yields and a strong USD provide headwinds, geopolitical tensions in the Middle East and expectations regarding Federal Reserve monetary policy continue to influence gold demand.

In the domestic market, structural issues persist. The lack of official gold raw material imports due to long-standing monopoly policies has created supply shortages, leading to high price spreads and market instability. Experts continue to call for the restructuring of the gold market to support the jewelry industry and protect consumer interests.