Vietnamese Gold Prices Tumble Amid Global Downtrend

Gold prices in Vietnam are expected to continue their downward trend on August 31st. The forecast is based on global market developments, which have seen a decline in gold prices. As of 6:30 AM on August 31st, the spot price of gold in the Asian market was trading around $4,438 per ounce, down $16 from last week's close.

According to Fawad Razaqzada, a market analyst at Forex.com, gold prices have fallen below the key resistance level of $4,655 per ounce. The next support levels are seen around $4436/ounce and then $4400/ounce. If buyers don't show up at these levels, it would be a bearish technical development.

Sean Lusk, co-director of commercial risk hedging at Walsh Trading, believes that precious metal prices rose ahead of Fed Chairman Kevin Warsh's speech but then fell back. He thinks the Fed chairman is signaling an imminent interest rate hike, which could impact gold prices. Lusk predicts that gold prices will continue to rise until mid-term and then fall again due to seasonal trends.

Domestically, SJC gold bars and gold rings are trading at stable prices compared to the previous day. However, with global market developments pointing towards a downward trend, Vietnamese gold prices may follow suit.