Domestic Gold Markets Feel The Pressure
Gold prices drop significantly across domestic Vietnamese markets as Saigon Jewelry Company gold bars declined by 0.63% to reach VND141 million, equivalent to US$5,361.12 per tael, where one tael measures 37.5 grams or 1.2 ounces.
Citing reports from local financial exchanges, gold rings experienced a steeper decrease of 0.91% to settle at VND141.2 million per tael, compounding an overall downward trajectory for local precious metals over the course of the year.
Based on reports tracking the commodity sector, precious metal valuations in Vietnam have recorded a notable contraction of 7.7% so far this year, reflecting broader shifts in investor sentiment and regional purchasing trends.
According to market participants, domestic retail buyers are closely monitoring these sudden adjustments as retail jewelers manage shifting inventory costs amid broader macroeconomic corrections happening across international trading hubs.
Global Markets Slide Amid Stronger US Dollar
Globally, gold slid 2% on Friday as the U.S. dollar rebounded robustly from a more than one-month low that was hit in the previous trading session, putting immediate pressure on bullion valuations worldwide.
Spot gold dropped 1.3% to trade at $4,049.83 per ounce after falling as much as 2% earlier in the session, while U.S. gold futures for August delivery simultaneously dropped 1.3% to settle at $4,107.
Despite the sudden end-of-week pullback, market analysts noted that the precious metal remained on track to secure its first monthly gain in five months, supported largely by softer inflation data that reduced aggressive tightening expectations.
Citing reports from international newswires, gold managed a monthly increase of 1.1% for the period, marking its most substantial monthly expansion since February as traders reassessed upcoming monetary policy paths.
Analyst Perspectives On Psychological Support Levels
The recent monthly gains were primarily driven by softer inflation data, which led traders to scale back expectations for Federal Reserve interest rate hikes for the year as oil prices retreated to pre-Iran war levels.
Based on reports from financial experts, these combined factors temporarily eased inflationary pressures and shifted capital allocations away from safe-haven assets toward equities and other risk-on investment vehicles.
Despite retaining a marginal monthly gain, the precious metal has faced considerable technical resistance while attempting to establish a stable trading range above key psychological thresholds.
As Han Tan, chief market analyst at Bybit, pointed out, "Although gold is on the cusp of ending a four-month losing streak, the precious metal has struggled to carve a bigger gap above the psychological $4,000 level."
