Editor’s Note
Domestic gold prices in Vietnam dropped sharply on July 14, with SJC gold bars falling 1.5 million VND per tael. Analysts suggest this decline may present opportunities for long-term price increases.
On the morning of July 14, domestic gold prices in Vietnam fell sharply across the board, with SJC gold bars dropping by 1.5 million VND per tael. According to analysts, the recent decline in the price of this precious metal could create opportunities for long-term price increases.
This morning, Saigon Jewelry Company (SJC) and Phu Nhuan Jewelry Company (PNJ) listed gold bars at 145.4 million – 148.4 million VND per tael (buy – sell). This represents a decrease of 1.5 million VND per tael for both buying and selling prices compared to yesterday. The spread between the buying and selling prices of gold bars is currently 3 million VND per tael.
Similarly, DOJI Group listed gold bars at 145.4 million – 148.4 million VND per tael (buy – sell), also a decrease of 1.5 million VND per tael from yesterday. The spread is also 3 million VND per tael.
Meanwhile, Bao Tin Minh Chau brand gold bars are being sold at 143 million – 148.4 million VND per tael (buy – sell), with the buying price down by 2 million VND per tael and the selling price down by 600,000 VND per tael. The spread for this brand is currently 5.4 million VND per tael.
For gold rings, DOJI Group listed 9999 Hung Thinh Vuong round gold rings at 143 million – 146.8 million VND per tael (buy – sell). This is a decrease of 2 million VND per tael for the buying price and 2.2 million VND per tael for the selling price compared to yesterday. The spread is currently 2.8 million VND per tael.
Bao Tin Minh Chau brand gold rings are being sold at 143 million – 147 million VND per tael (buy – sell), with both prices down by 2 million VND per tael. The spread is currently 4 million VND per tael.
Saigon Jewelry Company listed gold rings at 144.4 million – 147.9 million VND per tael (buy – sell), with the buying price down by 2 million VND per tael and the selling price down by 1.5 million VND per tael. The current spread is 2.5 million VND per tael.
According to Kitco News, the global gold price this morning was $4,005.3 per ounce, up $5.3 (0.13%) from the previous day. Converted at Vietcombank’s USD exchange rate (26,460 VND/USD), the global gold price is approximately 127.8 million VND per tael (excluding taxes and fees). Therefore, the price of SJC gold bars is currently about 19.5 million VND per tael higher than the international gold price.
According to Paul Wong, Managing Partner and Market Strategist at Sprott Inc., the recent decline in gold prices reflects a notable paradox: while a strong US dollar can pressure gold prices in the short term, it also reinforces the long-term investment outlook for the precious metal.
In his latest monthly gold market report, Wong stated that the spot gold price in June fell by over $532 per ounce to around $4,008. This marks the fourth consecutive monthly decline and the largest drop since October 2008. For the entire second quarter, gold prices fell by more than 14%, the largest quarterly decline since the second quarter of 2013.
According to him, the sell-off began after the US and Iran signed the Islamabad Memorandum, which led to a decline in oil prices and a rise in the US dollar. Pressure continued to mount after the June Federal Reserve (FOMC) meeting, as the market interpreted Fed Chairman Kevin Warsh’s stance as more hawkish, raising expectations for interest rate hikes and pushing up short-term bond yields and the US dollar.
Wong noted that investment funds had been consistently selling gold from March to June. In addition to deleveraging, quantitative funds, algorithmic trading funds, and commodity trading advisors were the main drivers of the gold price decline.
However, he pointed out that many of the negative impacts from a strong US dollar and high interest rates have already been priced in. Gold prices fell below the 200-day moving average for the first time since October 2023, entering oversold territory similar to previous bottoming phases.
Since the beginning of the year, the US Dollar Index has risen by about 3%, and the yield on 2-year US Treasury bonds has increased by about 70 basis points. At the same time, due to inflation concerns, market expectations have shifted from 2.3 rate cuts by the Fed in 2026 to about 1.5 rate hikes.
