Gold Prices Experience a Notable Decline

In a surprising turn of events, the Saigon Jewelry Company reported a drop in gold bar prices to VND123.9 million (US$4,724.32) per tael, marking a 0.4% decrease from the record high of VND124.4 million observed just last Friday.

Global Gold Market Trends

The price of gold rings also saw a reduction, falling by 0.33% to VND119.4 million per tael. It's important to note that a tael is equivalent to 37.5 grams or 1.2 ounces.

On the international front, gold prices slipped as geopolitical tensions showed signs of easing, diminishing its appeal as a safe-haven asset. The market's attention is now riveted on upcoming U.S. inflation data, which could provide valuable insights into the Federal Reserve's interest rate decisions.

Expert Insights on Gold's Future

"With cooling geopolitical tensions, especially following the announcement of a meeting between President Donald Trump and Vladimir Putin on U.S. soil, gold prices have taken a hit," explained Matt Simpson, a senior analyst at City Index.

He further added, "A strong inflation report could bolster the dollar and limit gold's gains, though I believe underlying support will persist as investors look to capitalize on lower prices."

Gold, which does not yield interest, tends to perform well in environments with low-interest rates.