Vietnam gold prices slip as Fed policy and AI inflation risk weigh on market

Vietnam’s gold market has been volatile in early July. Prices for SJC gold bars stayed within VND 146.9‑149.9 million per tael, while gold rings traded around VND 146.4‑149.4 million. Over the past week the bid‑ask spread widened to about VND 3 million, leaving buyers who entered at the January‑February peak (≈VND 192 million) with losses of roughly VND 45 million per tael.

The domestic price remains about VND 19 million higher than the world spot rate of USD 4.108‑4.119 per ounce (≈VND 131 million). Market sentiment is shaped by the U.S. Federal Reserve’s tight monetary stance and its recent identification of artificial‑intelligence‑driven spending as a new inflationary risk, which could keep rates high and support the dollar. Ongoing Middle‑East tensions and U.S. energy‑price concerns further pressure gold.

Analysts at Metals Focus expect gold to stay in a sideways range through the summer, with a possible dip toward USD 3,800/oz before a recovery to around USD 4,200/oz by the end of 2026. Investors are advised to limit gold exposure to roughly 5‑15 % of a diversified portfolio.