Gold Prices Take a Hit

Saigon Jewelry Company reported a 0.4% decrease in gold bar prices, now at VND121.7 million (US$4,688.79) per tael. Meanwhile, gold ring prices remained stable at VND118 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces.

Regulatory Adjustments in Vietnam

The State Bank of Vietnam has announced plans to revise regulations governing the gold market to simplify procedures. Additionally, it will enhance inspections and audits of gold trading businesses to identify and rectify any violations or loopholes promptly.

Global Gold Market Trends

On Wednesday, global gold prices fell by 1.3%, with spot gold dropping to $3,383.88 an ounce. This decline comes amid optimism over potential U.S.-China trade talks, reducing the appeal of gold as a safe-haven asset.

Ilya Spivak of Tastylive noted, "Gold's pullback reflects a broader 'risk on' sentiment in the markets, possibly fueled by optimism from the U.S. and China's trade negotiations."

Upcoming Economic Discussions

Key figures, including U.S. Treasury Secretary Scott Bessent and Chinese economic official He Lifeng, are set to meet in Switzerland to discuss trade. The financial community is also keenly awaiting Fed Chair Jerome Powell's insights on future rate cuts.

Gold remains a preferred hedge against economic and political uncertainties, especially in a low-interest-rate environment.