Gold Prices Experience Marginal Decline

Gold bar price dropped 0.57% to VND122 million (US$4,666.28) per tael, while gold ring price declined by 0.42% to VND117.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Year-to-Date Performance

Despite the recent drop, bullion price in Vietnam has risen nearly 45% since the beginning of the year.

Global Gold Market Trends

Globally, gold prices held steady on Thursday after a sharp drop in the previous session. The easing of trade tensions has reduced demand for safe-haven assets, overshadowing support from a weaker dollar. Reuters reported that spot gold was flat at $3,387.15 per ounce, after dropping 1.3% in the previous session. U.S. gold futures eased 0.1% to $3,492.50.

Expert Insights

"Yesterday, we saw gold prices seems like well might be building up for the next bullish run until the news came out on trade front, triggering some profit-taking," said Brian Lan, managing director at GoldSilver Central, Singapore. "We've seen the dollar has also weakened quite a bit, and of course, this also supports gold. So, I think this is a small retracement at this moment. We are, in fact, still quite bullish on gold."