Gold Bar Prices Experience a Slight Decline

Saigon Jewelry Company has reported a 0.25% drop in gold bar prices, now at VND120.2 million (US$4,627.34) per tael. Meanwhile, gold ring prices remain steady at VND116.5 million per tael.

Market Supply and Global Trends

The State Bank of Vietnam highlights a stagnant supply of gold bars in the local market, attributing this to the central bank's halt in sales to SJC and several state-owned lenders.

International Market Reactions

Globally, gold prices fell following U.S. President Donald Trump's announcement of a trade deal with the UK, reducing gold's appeal as a safe-haven asset. Spot gold decreased by 0.8% to $3,277.67 an ounce, with U.S. gold futures also dropping 0.7% to $3,282.80.

Trade Talks Impact

Analysts suggest that progress in U.S.-UK trade talks and anticipated negotiations between the U.S. and China are diverting interest from gold. Trump anticipates significant discussions that may lead to reduced tariffs on Chinese goods.

Gold's Traditional Role

Historically viewed as a hedge against uncertainty, gold performs best in low-interest-rate environments, a factor currently influencing market dynamics.