Vietnam Gold Prices Plunge, Consumers Face Multi‑Million Dong Losses

Vietnam’s gold market has entered a sharp downturn. Spot prices for SJC gold fell by up to 7 million VND per tael, and on 24 July the price gap between buying and selling widened to 5‑6.5 million VND, with some sellers losing as much as 13.6 million VND per tael. Large queues formed outside retail outlets as consumers rushed to sell, citing eroding trust in dealers and recent scandals in the diamond trade.

Dealer DOJI was reported to be selling gold below the listed price, while traders warned that the price slide could continue ahead of the U.S. Federal Reserve’s July meeting and other macro data. Despite the volatility, a segment of investors continues to buy small quantities each month, focusing on long‑term accumulation rather than short‑term price swings. Analysts note that the market lacks a clear directional bias and may remain range‑bound until the Fed’s policy decision clarifies the monetary outlook.