Local Gold Prices Tumble

In a significant market move, the Saigon Jewelry Company's gold bar price dropped by 1.17% to VND84.1 million (US$3,302.57) per tael on Thursday morning. This marks the lowest price point since November 18th, reflecting a notable shift in market sentiment.

Similarly, the price of gold rings also saw a decline, falling by 0.83% to VND83.8 million per tael.

Global Market Dynamics

Globally, gold prices experienced a more mixed performance. According to Reuters, global gold prices surged by over 1% on Thursday due to short-covering, following a dip to a one-month low earlier in the session. This volatility comes as investors await key U.S. data that could provide further insights into the Federal Reserve's policy trajectory.

Spot gold prices rose by 0.8% to $2,607.88 per ounce, while U.S. gold futures saw a slight decrease, easing by 1.2% to $2,620.60.

Analyst Perspective

Kelvin Wong, a senior market analyst at OANDA for the Asia Pacific region, explained the market behavior. "Very short-term oriented speculators are looking for opportunities to buy the dips," he said. "Gold's gain is a result of short-covering after the metal touched the psychological level of $2,600 yesterday."