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.
Gold ring price fell another 1.07% to VND143.6 million per tael on Wednesday afternoon following an earlier 2.64% drop.
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.
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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.
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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.
Source:e.vnexpress.net
