Domestic gold bar prices saw a significant decline today, 21/3, with major brands reducing their selling rates by 5.1 million VND per tael. Saigon Jewelry Company (SJC) listed gold bars at 168 - 171 million VND. Other prominent brands followed SJC's lead with similar adjustments. This drop means gold bar prices have fallen by 12 million VND, or 6.5%, this week alone, and are now 20 million VND lower than their peak.

The domestic market's downturn mirrored a sharp fall in international gold prices. On 20/3, global gold decreased by 157 USD per ounce, or about 3.4%, settling at 4,490 USD per ounce. When converted using the Vietcombank exchange rate, global gold was equivalent to 142.5 million VND per tael, creating a substantial difference of over 28 million VND compared to domestic prices.

This decline in precious metal prices is largely attributed to a strengthening US dollar. News regarding a potential US troop deployment contributed to the dollar's rise, sparking concerns about increased oil prices, which could fuel inflation and higher interest rates. Gold typically loses its appeal in an environment of rising interest rates, as it does not offer fixed returns.

Tai Wong, an independent precious metals trader, stated that the gold and silver markets are particularly volatile ahead of potential interest rate adjustments by central banks.

The downward trend extended to other precious metals, with domestic silver bar prices also decreasing by 6% today. Phu Quy Gold Investment Joint Stock Company listed silver at 2.54 - 2.62 million VND per tael, or 67.9 - 70.08 million VND per kg. Ancarat and DOJI traded silver bars around 2.55 - 2.62 million VND per tael.

Plain gold rings also experienced a price reduction, with SJC cutting their rates by 5.1 million VND to 167.7 - 170.7 million VND per tael. PNJ and DOJI sold this item 300,000 VND higher than SJC, ranging from 168 - 171 million VND. Bao Tin Minh Hai and Bao Tin Minh Chau offered plain round rings at 169.1 - 172.1 million VND.

Trong Hieu