Vietnam’s gold prices fell Monday morning as global bullion prices edged lower following a trade deal deadline announcement between the United States and the European Union.
Saigon Jewelry Company reported that the price of its gold bars dropped 0.82%, settling at VND120 million (approximately US$4,631.42) per tael. Meanwhile, gold rings fell 0.86% to VND115 million per tael. (A tael is equivalent to 37.5 grams or 1.2 ounces.)
Despite the recent decline, gold prices have surged an impressive 42.5% since the start of the year.
On the global stage, gold prices eased after U.S. President Donald Trump set a July 9 deadline to finalize a trade deal with the European Union, retracting his previous threat to impose a 50% tariff starting June 1.
Spot gold prices declined 0.3%, trading at $3,346.59 per ounce, while U.S. gold futures dropped 0.6% to $3,345.70 per ounce.
“There is an element of relief in the marketplace following the pause on tariffs against the EU, which has led to a weakening of gold prices,” said Kyle Rodda, a financial market analyst.
