Gold bars at a store in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold prices continued to drop on Wednesday after falling in the last two sessions.
Saigon Jewelry Company gold bar price plummeted 1.23% to VND152.8 million (US$5,809.23) per tael. Other sellers similarly lowered their rates.
Local bullion prices have decreased by 3.78% since Monday and are currently over VND15 million per tael higher than global rates.
Gold ring price lost 1.26% to VND148.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold retreated on Wednesday, but the metal was on track for its strongest annual gain in more than 40 years, Reuters reported.
Spot gold slipped 0.4% to $4,329.12 per ounce to a more than two-week low. It hit a record high of $4,549.71 last Friday. U.S. gold futures for February delivery lost 1% to $4,340.90/oz.
Bullion has climbed more than 60% in 2025, marking its largest annual gain since 1979.
Gold’s rally this year has been driven by rate cuts and bets of further monetary easing by the U.S. Federal Reserve, geopolitical conflicts, robust demand from central banks and rising holdings in exchange-traded funds.
“Maybe towards the end of the first (quarter of 2026), we could see (gold) test $5,000. Certainly, it seems like the sort of catalysts animating gold, especially over the course of the past year, have become self-sustaining,” Ilya Spivak, head of global macro at Tastylive, said.
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