World Gold Price Unexpectedly Plummets Deeper Than Predicted, Equivalent to 4.8 Million VND/tael

Global gold prices have experienced a steep fall, equivalent to a loss of 4.8 million Vietnamese dong per tael, significantly exceeding previous predictions. This sharp decline has caused considerable concern among many investors active in gold forums.

Analysts point to the release of U.S. non-farm payroll data, which came in stronger than anticipated, as a primary driver for the price drop. This positive economic indicator led to a surge in the U.S. dollar and U.S. government bond yields, placing downward pressure on gold prices. Additionally, persistent global inflation concerns, fueled by factors like the ongoing U.S.-Iran tensions and the resulting high oil prices, raise the possibility of central banks increasing interest rates. Such a scenario generally creates an unfavorable environment for gold prices.

In the domestic market, SJC gold bars have also seen a substantial decrease. By the end of June 5, SJC gold bars dropped by 3.3 million dong per tael, with selling prices reaching 153.2 million dong and buying prices falling to 149.2 million dong. Compared to their peak in late January, global gold prices have now fallen by approximately 42 million dong per tael.

Other gold products, such as 9999 gold rings, were selling for 153 million dong per tael and buying for 149 million dong, only 200,000 dong lower than SJC gold bars. The current selling price of SJC gold bars is 15.6 million dong per tael higher than the global price. World silver prices have also dropped significantly, now trading at $69.09 per ounce.