On the morning of 6/4, Saigon Jewelry Company (SJC) listed gold bar prices at 170.1 - 173.1 million VND per tael, a decrease of 1.4 million VND compared to the weekend. Other major brands also adjusted their gold bar prices downwards.

At the same time, SJC traded plain gold rings at around 169.9 - 172.9 million VND per tael. Mi Hong listed plain gold rings at 170.7 - 172.7 million VND per tael, while Phu Nhuan Jewelry Company (PNJ) bought and sold them at 170.1 - 173.1 million VND per tael.

In the international market, spot gold prices saw a slight decrease to 4,650 USD per ounce. Converted at Vietcombank's selling exchange rate, the world gold price is equivalent to 147.8 million VND per tael. This brought the difference between domestic and world prices down to 25 million VND per tael, from a previous 30 million VND.

Domestically, major brands priced silver bars and ingots at approximately 2.7 - 2.8 million VND per tael, equivalent to 72.5 - 75 million VND per kilogram.

Gold prices have experienced unfavorable fluctuations since the US-Iran conflict erupted in early March. Currently, each tael of gold is nearly 18 million VND lower than its peak, representing a 9% decrease.

Huynh Trung Khanh, Vice Chairman of the Vietnam Gold Business Association (VGTA), noted that gold prices are significantly impacted in the short term by developments in oil prices, the USD, and the geopolitical conflict. While he maintains a positive long-term outlook, the expert advises investors to act cautiously at this time.

Quynh Trang