Commodities
Vietnam's Gold Market Reverses Course Amid Weakening Global Prices
On August 1st, Vietnam's gold market saw an unexpected reversal, with numerous brands experiencing significant price drops. The decline followed a trend of weakening global gold prices due to the strength of the US dollar and high yields on US government bonds.
The selling price of SJC gold bars decreased by $900,000 per ounce, bringing it back to around 141 million VND/ounce. Other major brands such as DOJI, PNJ, Phu Quy, and Bao Tin Minh Chau also saw similar decreases in their prices.
World gold prices fell to $4,043.36 per ounce, a decrease of $57.75 per ounce compared to the previous day. The US dollar's strength and high yields on US government bonds are contributing factors to this decline.