Gold Prices Drop 5 Million VND per Tael in Global Market Stress
February 2, 2026 – Saigon:
Today the Vietnamese gold market felt a deep shock. Gold bars from SJC lost 5 million VND per tael. The drop in local prices fits the fall seen worldwide. Precious metal prices fell about 200 USD per ounce in a few hours on Monday.
Domestic Market Impact: Big Losses for Buyers
Vietnamese dealers such as Saigon Jewelry Company (SJC), Asia Commercial Bank (ACB), and Mi Hong cut their prices. SJC now buys gold bars at 164 million VND per tael and sells them at 167 million VND per tael. ACB set its buying price at 165 million VND with a selling price of 168 million VND. Mi Hong lowered its purchase price by 3.5 million VND and its sale price by 4.5 million VND per tael.
Prices are now 24.3 million VND less than the high seen on January 29 when they hit 191.3 million VND per tael. For those who paid high prices last week, the change means a paper loss of about 27 million VND per tael.
Gold jewelry also feels the drop. Rings of 9999 purity are down by 4.5 to 5 million VND per tael. SJC and Phu Quy Company both changed ring prices to match the new market.
Global Gold Market: Near 1,000 USD Loss Over Days
Worldwide, gold futures lost an extra 214 USD per ounce to trade near 4,680 USD. In a few sessions, prices have dropped close to 1,000 USD. Gold expert Duong Anh Vu sees no rest yet. He points to base economic factors and clear market signals as the source. Investors watch the U.S. Federal Reserve hold interest rates steady. The strength of the U.S. dollar makes gold less attractive as an income substitute.
Politics add to the strain. A ceasefire proposal from former President Donald Trump gets a mild nod in Russia. This move brings hope for a pause in long conflicts that usually raise gold demand as a safe choice.
Technically, heavy selling shows in speculators’ orders. Support near 4,650 USD per ounce now matters a lot. If buyers hold this point, prices may rise to 5,000 USD. A break below may push prices further down to about 4,480 USD.
What This Means for Vietnamese Buyers
The sharp drop stirs many buyers looking for a low point. Experts say buyers must follow the new rules. Gold deals of 20 million VND or more must go via bank transfers for clear records. Only approved dealers can make such trades to keep issues at bay.
The rule change seeks to keep the market steady and stop major fraud. Consumers must learn the rules that guard gold trading.
Market Outlook: Volatility Remains High
At present, the gold market shows wild swings. Price actions come from forces in both world and local markets. Some investors buy low, while others wait with care as world events and bank moves shift the scene.
All eyes stay on price moves, new rules, and global events. These factors shape gold as one of the oldest, trusted assets.
By Thanh Xuân – Thanh Niên Newspaper
For the latest local news on gold and real assets, stay tuned to Thanh Niên.
