Vietnam Gold Prices Plummet Amid Global Trend

The price of gold in Vietnam is expected to continue its downward trend on August 31. According to experts, domestic gold prices closely follow developments in the global market, and any increase or decrease in world gold prices impacts domestic gold prices.

As of 6:30 AM on August 31, the spot price of gold in the Asian market was trading at $4,438 per ounce, down $16 per ounce compared to the close of last week. The price of SJC gold bars from various brands in Vietnam remained stable compared to the previous day, trading at 148.7 million VND per tael.

The price of gold rings also maintained stability, with several major brands selling at 150.2 - 151.7 million VND/ounce. Fawad Razaqzada, a market analyst at Forex.com, stated that gold prices have fallen below the key resistance level of $4,655 per ounce and are expected to continue falling if buyers do not show up at lower levels.

The next support level is seen around $4436/ounce and then $4400/ounce. According to Sean Lusk, co-director of commercial risk hedging at Walsh Trading, precious metal prices rose ahead of Fed Chairman Kevin Warsh's speech but then fell back, although the stock market did not react significantly negatively.