Vietnam Gold Price Drops as World Price Retreats Amid Strong Dollar

The gold price declined on July 29 in Vietnam, with SJC gold bars listed at 137.5-141.5 million VND/tael (buying - selling), down 1.5 million VND/tael in both directions.

Phu Quy Gold and Gems Group, DOJI, and Bao Tin Minh Chau all reported similar price drops for SJC gold bars, with buying and selling differences of 4 million VND/tael, 4 million VND/tael, and 3.9 million VND/tael respectively.

The world gold price also retreated on July 28, closing at around $4,031 USD/ounce, down more than 1% in the session.

Market analysts attribute the decline to a strong US dollar, high US government bond yields, and cautious investor sentiment ahead of the US Federal Reserve's monetary policy meeting.