Global spot gold prices closed trading on 1/6 down more than 54 USD from last weekend, settling at 4,484 USD per ounce.

Domestically, on the morning of 2/6, Saigon Jewelry Company (SJC) reduced gold bar prices by 1 million dong compared to yesterday's close, now ranging from 154,5 to 157,5 million dong. This places the precious metal's domestic price approximately 15 million dong higher than global prices.

Compared to the peak established on 2/3, each tael of gold bars has fallen by more than 33 million dong.

For plain gold rings, SJC also cut prices by 1 million dong compared to yesterday, bringing them to 154,3 - 157,3 million dong. PNJ, DOJI, Bao Tin Minh Chau, and Bao Tin Manh Hai are trading this item 200,000 dong higher than SJC, at around 154,5 - 157,5 million dong.

Escalating geopolitical tensions in the Middle East are driving the gold market's downturn, heightening inflation concerns and reinforcing central banks' commitment to monetary tightening. Additionally, a stronger US dollar has made the metal more expensive for holders of other currencies.

Investors this week will closely monitor US employment data and statements from officials of the Federal Reserve (Fed). Ole Hansen, an analyst at Saxo Bank, suggests that if geopolitical situations stabilize and energy shocks subside, investors will return to the gold market. Furthermore, central banks are expected to continue net gold purchases this year.

Silver ingot and silver bar prices also saw a 0,7% decrease, mirroring international price trends. Phu Quy listed this metal at 2,84 - 2,93 million dong per tael, equivalent to 75,8 - 78,2 million dong per kg. Ancarat is buying and selling silver bars at similar levels, while Sacombank - SBJ offers 2,85 - 2,94 million dong.

Phuong Anh