Vietnam Gold Price Dips Amid Global Market Volatility

The gold price in Vietnam experienced a slight decrease at the close of trading on July 28. The SJC gold bar prices listed by Phu Quy Jewelry Group and DOJI were between 137.5-141.5 million VND/tael, down 1.5 million VND/tael from the previous day in both buying and selling directions. The difference between buying and selling prices was at 4 million VND/tael.

The price of SJC gold bars listed by Bao Tin Minh Chau was also down, at 138.1-142 million VND/tael, with a difference of 3.9 million VND/tael between buying and selling prices.

World gold prices were affected by the strengthening US dollar and investors' caution ahead of the US Federal Reserve's monetary policy decision. The price of world gold was listed around $4,016.9 per ounce at 5:30 PM on July 28, down sharply from the previous day by $83.5 per ounce.

Analysts believe that the Fed's interest rate decisions will continue to have a significant impact on gold prices. A high-interest-rate environment can put pressure on gold, as it is an asset that does not generate cash flow. On the other hand, signals about potential monetary policy easing could support the precious metal.