Vietnam's Gold Market Sees 1 Million VND/Ounce Decline on August 4th

The gold market in Vietnam saw a downward trend on August 4th, as SJC gold prices fell by 1 million VND/ounce. This decrease is attributed to world gold prices only fluctuating slightly, while domestic demand remains stable.

Saigon Jewelry Company Limited (SJC) updated its price list at 8:31 AM on August 4th, showing that SJC gold bars of 1 tael, 10 taels, and 1 kg were traded at 137 million VND/tael for buying and 140 million VND/tael for selling. Compared to the previous session, the buying price decreased by 500,000 VND/tael, while the selling price dropped by 1 million VND/tael.

Experts believe that this correction in the domestic gold market is a normal development, reflecting the balancing of supply and demand. Dr. Can Van Luc noted that gold prices will continue to be influenced by various factors such as the US Federal Reserve's monetary policy, inflation trends, fluctuations in the US dollar, and geopolitical risks around the world.