The sharp drop in gold was due to optimism about trade agreements between the US and its trading partners, limiting the flow of money into safe-haven assets such as gold. Spot gold prices fell to $3,290 an ounce, hitting a one-week low.
Along with that, profit-taking activities took place in the market, causing precious metals to decline. In particular, the world's largest gold investment fund SPDR sold 1.15 tons of gold, but the amount of gold held was still 946.51 tons.
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| Gold prices fell across the board. |
Meanwhile, a stronger US dollar and rising Treasury yields added to the pressure on the precious metal. The US dollar index (DXY) - a measure of the greenback's strength against other major currencies - rose to 97.58 points. The greenback recovered after US President Donald Trump sent a letter announcing high tariffs to many countries. Meanwhile, the European Central Bank (ECB) is worried because the euro is rising too quickly against the US dollar.
US President Donald Trump has imposed additional tariffs on Japan and South Korea and has sent letters to more than a dozen countries threatening tariffs ranging from 25% to 40%. At the same time, Trump has also delayed the August 1 deadline for countries to strike trade deals with the US. Countries are using the new three-week period to push ahead with negotiations to ease the impact.
The market is now awaiting the minutes of the latest policy meeting of the US Federal Reserve (Fed), scheduled to be released today (July 9) along with some Fed officials speaking this week, to provide more insight into the economy and the central bank's policy roadmap. If the Fed cuts interest rates, it will have a positive impact on gold prices.
In addition, gold purchases by central banks around the world are still increasing, with about 1,000 tons/year, according to the World Gold Council. The World Gold Council also said that the People's Bank of China bought an additional 2 tons of gold in June 2025. This is the eighth consecutive month that the People's Bank of China has bought gold. However, the pace has slowed compared to the 10.3 tons purchased in December and 5 tons purchased in January. China increased its net gold purchases for the year to 19 tons and its total gold reserves to 2,299 tons.
For the domestic gold market, the price of SJC gold this morning decreased by 400,000 VND/tael in both buying and selling directions at all systems. The opening price of gold today was bought at around 118.6 million VND/tael and sold at 120.6 million VND/tael. Jewelry gold prices also adjusted, with 24K gold decreasing by 400,000 VND; 18K and 14K gold decreased by 300,000 - 234,000 VND/tael respectively.
Regarding gold market management, Deputy Governor of the State Bank of Vietnam Pham Thanh Ha said that, in the face of the continuous fluctuations in world gold prices that have had an impact on domestic gold prices, the State Bank of Vietnam has coordinated with relevant agencies to implement many synchronous solutions, thereby reducing the difference in domestic gold prices, at times falling below 1 million VND/tael. In addition, the State Bank of Vietnam is also urgently studying to amend Decree 24/2012/ND-CP on gold market management. The Prime Minister has approved the amendment of Decree 24 in a simplified procedure and the State Bank of Vietnam is also in the process of consulting relevant ministries and branches.
The central exchange rate today (July 9) was announced by the State Bank at 25,119 VND/USD, down slightly by 2 VND compared to yesterday's listed rate but still at an all-time high. With a 5% band, the current USD exchange rate that commercial banks are allowed to trade is from 23,863 - 26,375 VND/USD. This morning, the USD price at commercial banks continued to decrease, Vietcombank decreased by 10 VND, bringing the transfer buying price down to 25,960 VND, and the selling price to 26,320 VND/USD.
Source: https://baodautu.vn/gia-vang-dong-loat-di-xuong-d326896.html
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