Vietnam Gold Price Drops Unexpectedly at Start of Week

The gold price in Vietnam has seen an unexpected drop at the start of the week. According to recent data, the price of SJC gold bars remained unchanged compared to yesterday morning and is currently trading at 147.6 million VND/ounce. Similarly, several major brands including Bao Tin Manh Hai, Bao Tin Minh Chau, Phu Quy, Doji, etc., maintained stable selling prices for gold rings, trading between 147.6 - 148 million VND/ounce.

Experts believe that domestic gold prices remained stable due to the global market closing for the week. However, this may only be a temporary pause before gold prices surge strongly this week. Forecasts suggest that domestic gold prices may continue to remain stable or adjust downwards today, primarily depending on the direction of global gold prices at the beginning of the week.

Colin Cieszynski, chief market strategist at SIA Wealth Management, is optimistic about gold prices next week and sees reasons for even more optimism in the long term based on the charts. He believes that gold has bottomed out in the short term and may rebound slightly. Cieszynski also stated that if the Federal Reserve raises interest rates again this year, it will not happen before the December meeting.