Gold bar prices in Vietnam have fallen significantly, with major brands reducing prices, bringing them below 170 million dong per tael. This follows a total decrease of 22,7 million dong from the peak of 191,3 million dong recorded on 29/1.

On the morning of 31/1, Sai Gon Jewelry Company (SJC) initially listed gold bar prices at 164 - 167 million dong per tael, a 5 million dong reduction from last weekend. By 9h, SJC adjusted prices up by 1,1 million dong for both buying and selling, to 165,6 - 168,6 million dong per tael. Other brands followed suit with similar adjustments.

Domestic gold continues its decline, mirroring the downward trend in the international market. Global spot gold prices continued to fall by over 162 USD per ounce, reaching 4.729 USD. Converted at Vietcombank's exchange rate, global gold is equivalent to 150 million dong per tael, creating an 18 million dong difference compared to domestic prices.

Analysts attribute the precious metals sell-off to several factors. The US dollar's renewed stability, following US President Donald Trump's announcement of a candidate for Federal Reserve Chair, is one reason. Additionally, investor profit-taking after prices peaked and easing geopolitical risks have contributed to the decline.

For plain gold rings, SJC also reduced prices by 2,9 million dong per tael, settling at 165,1 - 168,1 million dong per tael. PNJ traded this item at 164,9 - 168,1 million dong. Round plain rings at Bao Tin Minh Chau were traded around 167 - 170 million dong.

Silver bars and ingots also saw a nearly 3% price reduction. Phu Quy Gold Investment Joint Stock Company listed this metal at 3,09 - 3,19 million dong per tael. Converted to kilograms, silver bars from this brand have decreased by 36 million dong from their peak. Ancarat traded this item around 3,12 - 3,21 million dong, while Sacombank - SBJ Company traded it at 3,35 - 3,46 million dong.

Trong Hieu