CaliToday (26/9/2025): Precious metal markets saw a significant downturn both globally and within Vietnam this morning, as gold prices reacted to a series of positive economic reports emerging from the United States. The ripple effect was felt strongly in the domestic market, with Vietnam's benchmark SJC gold bars and popular plain gold rings experiencing sharp price drops.
This morning, Saigon Jewelry Company (SJC), the state-owned brand that dominates the local market, adjusted its gold bar prices downward by approximately 600,000 Vietnamese Dong (VND) per tael. The new listed rates are hovering around 132.5 million VND for buying and 134.5 million VND for selling.
A "tael," the traditional unit of measurement for precious metals in Vietnam, is equivalent to 37.5 grams or about 1.2 troy ounces. At current exchange rates (approx. 26,200 VND/USD), the selling price for an SJC gold tael is roughly $5,134 USD.
The decline was not limited to the premium SJC bars. Prices for plain gold rings, a popular investment and savings vehicle for many Vietnamese citizens due to their closer alignment with world prices, also fell by around 300,000 VND per tael.
Global Factors Driving the Downturn
The synchronized price drop is largely attributed to external pressures from the international market. Global spot gold has retreated from its recent highs after new economic data from the United States painted a healthier-than-expected picture of the economy.
Positive indicators, such as strong retail sales, lower-than-anticipated jobless claims, or robust manufacturing data, tend to strengthen the U.S. Dollar. As gold is priced in dollars, a stronger greenback makes the precious metal more expensive for buyers using other currencies, which typically dampens demand and pushes prices down.
Furthermore, a robust economic outlook reduces the appeal of gold as a "safe-haven" asset. Investors often flock to gold during times of economic uncertainty, geopolitical instability, or high inflation. When the economy appears stable and poised for growth, investors are more likely to move their capital into riskier, higher-yield assets like stocks and bonds, further pressuring the price of non-yielding bullion.
The Dynamics of Vietnam's Domestic Gold Market
While international trends are the primary driver, Vietnam's domestic gold market operates with its own unique characteristics. The significant price of SJC gold bars, which often carries a substantial premium over the global spot price, is a key feature. This premium, which can sometimes reach millions of VND per tael, is a result of strict government regulations on gold importation and the exclusive right of SJC to produce gold bars.
The drop of 600,000 VND for SJC bars and 300,000 VND for gold rings reflects this dynamic. Gold rings, being more directly influenced by daily global price fluctuations, saw a more moderate decrease. The larger drop in SJC's price suggests a partial correction of its high domestic premium in response to the strong international downturn.
For local investors and citizens who use gold as a primary means of savings, this morning's price drop is a significant event. It presents a potential buying opportunity for some, while for others who purchased at recent highs, it serves as a stark reminder of the market's volatility. Market analysts will be closely watching upcoming U.S. economic releases, particularly inflation data and Federal Reserve policy statements, to forecast the next move for both global and local gold prices.
