Vietnamese Gold Prices Plummet Sharply Amid Global Market Volatility
Gold prices plummeted sharply in Vietnam on August 1st, according to reports from multiple jewelry groups. The SJC gold bar price listed by Phu Quy Jewelry Group was at 137-141 million VND/tael (buying - selling), down 2.2 million VND/tael in both directions. This represents a significant decline in the value of gold.
The world gold price also saw a notable drop, with prices listed around the threshold of $4,041.7 USD/ounce, down $46.6 USD/ounce. Analysts attribute this downward trend to supporting and pressure factors that are still intertwined, making it difficult for buyers and sellers to gain an advantage.
The precious metal has been struggling to maintain its psychological zone of $4,000 USD/ounce, and the modest increase margin in July reflects the market's hesitation. The fact that the July bottom was higher than the April bottom suggests that selling pressure is weakening as prices retreat to low levels.