Gold prices in Vietnam declined sharply on Wednesday, pulling back from record highs reached earlier in the week. The downturn mirrors a broader cooling trend in global markets, as investor sentiment reacts to evolving economic signals.
Vietnam Gold Market Sees Steep Correction
According to the Saigon Jewelry Company, gold bar prices dropped to VND 119.5 million (approx. $4,597) per tael—a 1.24% fall from earlier in the day and a 3.63% decline from Tuesday’s record of VND 124 million.
Gold rings followed suit, dipping 0.86% to VND 115.5 million per tael after a 2.1% drop earlier. A tael, a common unit in Vietnam’s gold market, equals 37.5 grams or 1.2 ounces.
Global Price Pressures Mount
The decline aligns with international trends. Spot gold prices slid 2.1% to $3,310.29 an ounce, down from an all-time high of $3,500.05. U.S. gold futures also retreated, falling 2.9% to $3,321.30 an ounce.
Analysts point to political developments in the U.S. as key drivers. President Donald Trump signaled a possible softening of tariffs on China and reaffirmed his support for Federal Reserve Chair Jerome Powell. These comments eased market concerns, contributing to the price drop.
“The easing rhetoric from President Trump has calmed some investor fears, which is weighing on gold in the short term,” said Giovanni Staunovo, a strategist at UBS. Despite the pullback, Staunovo remains optimistic, predicting prices could return to $3,500 in the coming months.
Gold’s Long-Term Outlook Remains Strong
Despite recent volatility, gold continues to perform strongly in 2025. Since the start of the year, prices have surged over 26%, underlining gold’s appeal as a safe-haven asset amid economic and geopolitical uncertainty.
As both global and local investors navigate shifting financial landscapes, gold remains a key asset for those seeking stability. While short-term fluctuations are likely, long-term demand for the precious metal is expected to persist.
