Editor’s Note
This article reports on a significant drop in domestic gold prices, aligning with a global market correction after a record high earlier in the year.
The domestic gold market experienced a sharp decline today, with prices reaching 163 million VND per tael. This drop coincides with a global price decrease of 232 USD per ounce following a record-breaking surge at the beginning of 2026.
On February 3, the domestic gold market recorded an unexpectedly sharp decline, with both gold bars and rings falling by nearly 6,000,000 VND per tael. This development occurred alongside a sharp drop in global gold prices, which had reached new record levels after years of rapid growth.
Prices for domestic gold bars and rings underwent a significant simultaneous adjustment. Compared to the previous trading session, the price of gold biscuits from major brands such as SJC, Bao Tin Minh Chau, DOJI, PNJ, Bao Tin Minh Chau, and Phu Quy saw a uniform decrease of 6,000,000 VND per ounce in both buying and selling prices. Currently, the buying and selling prices of these companies range from 163,000,000 to 166,000,000 VND per ounce, respectively.
Following this trend, the ring market also saw a notable decline. Specifically, SJC listed ring prices at 162,500,000 to 165,500,000 VND per ounce, a drop of 5,500,000 VND per ounce. At Bao Tin Manh Hiep, the price of 9999 gold rings decreased by 5,000,000 VND per ounce, bringing the buying price to 163,000,000 VND per ounce.
Other brands like DOJI and PNJ are selling rings at approximately 162,800,000 – 165,800,000 VND per ounce, equivalent to a drop of 5,700,000 VND per ounce. Meanwhile, Bao Tin Minh Chau reduced its price by 4,500,000 VND per ounce, listing it at 164,500,000 – 167,500,000 VND per ounce. Phu Quy’s rings are currently selling at 163,000,000 – 166,000,000 VND per ounce, a drop of 5,800,000 VND per ounce.
As of this morning, Vietnam time, the global gold price was approximately $4,660.00 per ounce, a sharp drop of $232.00 per ounce compared to the same time yesterday.
According to Vietcombank’s exchange rate (excluding taxes and fees), the global gold price is equivalent to about 147.1 million VND per tael. Currently, the price of gold bars in Vietnam is about 18.9 million VND per tael higher than the global price.
According to Metals Focus, following gold prices repeatedly hitting new highs in less than three weeks at the start of 2026, this correction is a necessary “pressure-relieving” step for the market. Matthew Pigott, Director of Gold and Silver at Metals Focus, believes the sharp price drop is likely predictable and structurally healthy.
Analysts say the pressure on gold prices stems from the stabilization of the US dollar following President Donald Trump’s nomination of Kevin Warsh for the position of Federal Reserve (Fed) Chairman. The market views Warsh as having an “aggressive” stance, raising expectations for even tighter monetary policies in the future.
Additionally, investors have shifted their capital due to heavy profit-taking after the record-breaking rally and a reduction in geopolitical risks. However, experts still believe that gold’s role as a safe-haven investment and store of value in the medium term remains largely unaffected, as fundamental uncertainties persist.