Gold coins for sale in a shop in Hanoi in March 2025. Photo by VnExpress/Giang Huy
Vietnam gold price plunged Saturday morning amid a decline of the precious metal globally after reaching records.
Saigon Jewelry Company gold bar went down 1.31% to VND151 million (US$5,732.29) per tael.
Gold ring fell 1.31% to VND150.2 million per tael. A tael equals 37.5 grams or 1.2 ounces. Bullion has risen 79% in Vietnam so far this year.
Globally gold prices fell more than 2% on Friday after hitting a record high above $4,300 per ounce, pressured by a firmer dollar and U.S. President Donald Trump’s comment that a “full-scale” tariff on China would be unsustainable, Reuters reported.
Spot gold was down 2.6% at $4,211.48 per ounce, after scaling an all-time high of $4,378.69 earlier in the session.
The metal breached $4,300/oz for the first time on Thursday, and is set for a weekly gain of about 4.8%.
Gold, a traditional hedge against uncertainty, has surged more than 64% this year, driven by geopolitical tensions, central bank buying, a switch out of the dollar, and strong inflows into gold exchange-traded funds.
Bets on U.S. interest rate cuts have also supported the non-yielding asset.
