Current Gold Market Overview

Saigon Jewelry Company reported the gold bar price at VND123.8 million (US$4,716.9) per tael, with gold rings priced at VND119.3 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces.

Global Gold Price Trends

On Wednesday, global gold prices saw a slight decrease, influenced by a stronger dollar. Investors are cautiously awaiting U.S. President Donald Trump's Federal Reserve appointments decision, as reported by Reuters.

Spot gold dropped by 0.1% to $3,376.69 per ounce, after reaching a near two-week high on Tuesday. Meanwhile, U.S. gold futures also fell by 0.1% to $3,432.40.

Impact of the Dollar on Gold

The dollar's rebound from a one-week low, following disappointing U.S. jobs data, has diminished gold's attractiveness to investors holding other currencies. This data has sparked hopes for a rate cut in September.

"Gold has been caught between conflicting forces. The drop in yields has helped, but the U.S. dollar has managed to hold up well despite Friday's selloff. That has produced the range we're now seeing, as prices wait for conviction across the catalysts," explained Ilya Spivak, head of global macro at Tastylive, in a statement cited by Reuters.