Gold Bar and Ring Prices See Significant Drop

Saigon Jewelry Company reported a decrease in gold bar prices to VND119.5 million (US$4,597.03) per tael, marking a 1.24% drop from the morning and a 3.63% fall from Tuesday's peak of VND124 million. Similarly, gold ring prices fell by 0.86% to VND115.5 million per tael, following a 2.1% drop earlier in the day. A tael is equivalent to 37.5 grams or 1.2 ounces.

Global Gold Market Reacts to Political Developments

On the global stage, gold prices experienced a downturn after U.S. President Donald Trump suggested potential tariff reductions for China and affirmed his support for Federal Reserve Chair Jerome Powell. According to Reuters, spot gold decreased by 2.1% to $3,310.29 an ounce, after reaching a record high of $3,500.05 in the previous session. U.S. gold futures also saw a decline, dropping 2.9% to $3,321.30.

Analysts Remain Optimistic About Gold's Future

UBS analyst Giovanni Staunovo commented, "President Trump's remarks, including his softer approach towards the Fed chairman and his comments on China, have alleviated some market concerns, impacting gold prices negatively." Despite the recent dip, Staunovo maintains a positive outlook, predicting gold to rise to $3,500/oz in the coming months. Gold, known as a safe haven during times of global instability, has achieved multiple record highs and gained over 26% since the beginning of 2025.