Gold Prices in Vietnam Take a Slight Dip

Saigon Jewelry Company gold bar saw a decrease of 0.33%, settling at VND121.1 million (US$4,633.63) per tael, while the gold ring remained stable at VND118.2 million per tael. Despite this recent dip, gold has experienced a significant 43.8% increase since the beginning of the year.

Global Gold Market Trends

Contrary to Vietnam's trend, the global gold market saw a slight uptick on Tuesday, with spot gold rising by 0.1% to $3,346.94 per ounce, and gold futures holding steady at $3,355.60. This movement comes ahead of the anticipated release of U.S. inflation data, which could influence the Federal Reserve's interest rate decisions.

Expert Analysis on Gold's Performance

KCM Trade Chief Market Analyst Tim Waterer shared insights with Reuters, noting gold's resilience during tariff tensions but also highlighting the challenges posed by higher treasury yields and USD appreciation. Waterer suggests that for gold to reach the $3,400 mark, a decrease in USD value or treasury yields may be necessary, barring any major geopolitical events.

Impact of U.S. Trade Policies

The gold market's dynamics are further complicated by U.S. President Donald Trump's recent threats to impose a 30% tariff on imports from Mexico and the European Union, effective August 1, following unsuccessful trade negotiations.