Vietnamese Gold Prices Surpass VND150 Million Per Tael in Rare Shift

The gold market in Vietnam has witnessed a significant shift as domestic prices surpassed VND150 million per tael for the first time, a rare occurrence. The prices of SJC gold bars and 9999 gold rings rose by VND600,000 and VND1-2 million per tael, respectively, on August 25. This development comes after more than half a year of falling prices that left many investors with heavy losses.

The speculative fever in the Vietnamese market has cooled down as investors became hesitant and cautious due to the 'limbo' state of gold prices. The rising bank interest rates have also led some people to prioritize savings deposits over gold investments. According to experts from RMIT University, gold's appeal for short-term trading has diminished.

On international markets, gold traded on the Kitco platform at $4,642.6-$4,644.6 per ounce as of 6:30 p.m. Hanoi time on August 25. Experts believe that a weaker U.S. dollar will provide solid support for gold prices in the coming weeks.