Gold Prices Plummet in Vietnam Amid Global Market Volatility
Gold prices in Vietnam plummeted sharply on August 12th, reversing the trend of the previous day. According to various brands, SJC gold bars saw a significant drop of 1.5 million VND/ounce compared to midday yesterday, trading at 143.5 - 143.8 million VND/ounce. This decline is attributed to global trends, with world gold prices above $4,450 per ounce.
Experts believe that domestic gold prices continue to follow international fluctuations, but with a more pronounced effect on the market. The sharp drop in prices can be seen across various brands, including Bao Tin Manh Hai, Bao Tin Minh Chau, and Phu Quy, among others. For gold rings, the prices also saw a significant decrease, ranging from 300,000 to 1.5 million VND/ounce compared to yesterday afternoon.
The current situation remains uncertain, with the market waiting for the release of the US CPI report on Wednesday. The forecast suggests that domestic gold prices may continue to fall as global gold prices trend downwards. Technically, the next upside price target for spot gold buyers is above $4,430-$4,492/ounce resistance zone.