Gold prices extend morning drop

Saigon Jewelry Company gold bar price slipped another 1.21% from the morning to VND138.3 million (US$5,254.36) per tael, bringing daily losses to 3.82%. A tael equals 37.5 grams or 1.2 ounces.

Local bullion rates have plunged more than 27% since early March and are down around 10% from the start of the year.

They are roughly VND4 million per tael higher than global prices, as against a gap of nearly VND12 million days earlier.

The decline in local prices was driven by the global decline in gold prices, along with a surge in local selling as investors cashed out over concerns that supply would rise and prices could fall further.

People queue up to sell gold at an SJC store in Ho Chi Minh City’s Nguyen Thi Minh Khai Street on the morning of June 9, 2026. Photo by VnExpress/Quynh Trang

Globally, gold fell over 2% ‌to a more than two-month low on Wednesday as fresh fighting in the Middle East dimmed hopes of a resolution to the U.S.-Israeli war with Iran, heightening concerns about inflation and interest rate hikes, Reuters reported.

Spot gold was down 2.1% at $4,172.44 per ounce, its lowest level since March 23. U.S. gold futures for August delivery shed 2.1% to $4,195.60.

A person holds gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

“Gold remains a victim of growing inflation risks ⁠despite geopolitical tensions fuelling risk aversion. Renewed U.S.-Iran hostilities have essentially sabotaged efforts to end the war,” said Lukman Otunuga, senior research analyst at FXTM.

Bullion has fallen more than 20% since the U.S.-backed war with Iran began in late February. ‌The ⁠conflict has led to a surge in oil prices, stoking fears of inflation and higher interest rates, which typically weigh on the non-yielding metal.