World gold price plummets, domestic price drops drop by drop

World gold prices plummeted to 3,395 USD/ounce today, July 31, but domestic gold prices only decreased by 300,000 VND/tael.

World gold price drops sharply - Screenshot

SJC gold bar price is 16.37 million VND/tael higher than world gold price.

Last night, the world gold price plummeted, from 3,330 USD/ounce, at one point dropping to 3,270 USD/ounce before recovering slightly to 3,295 USD/ounce.

Compared to the highest price last night, the world gold price has decreased by about 35 USD/ounce, equivalent to 1.11 million VND/tael.

Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 104.83 million VND/tael.

However, the price of SJC gold bars today only decreased by 300,000 VND/tael compared to yesterday, selling at 121.2 million VND/tael, buying at 119.7 million VND/tael.

Meanwhile, the price of 9999 gold rings also decreased by 300,000 VND/tael, to 114.4 million VND/tael (buy) and 116.9 million VND/tael (sell).

Compared to the converted world gold price, the price of SJC gold bars is 16.37 million VND/tael higher, and the price of gold rings is 12.07 million VND/tael higher.

World gold price forecast to continue to fall

World gold prices fell sharply in the context of the end of the two-day monetary policy meeting, the US Federal Reserve (Fed) kept interest rates unchanged despite Mr. Trump recently launching a fierce campaign calling on the Fed to cut interest rates.

The Fed's decision to keep interest rates unchanged was expected by financial markets before the meeting.

Compared to the converted world gold price, the price of SJC gold bars is 16.37 million VND/tael higher - Photo: NP

With the current developments, the market only expects one interest rate cut instead of two as before.

The world's largest gold investment fund, SPDR Gold Trust, also sold 0.86 tons of gold.

Expert Tran Duy Phuong predicts that in the near future, the world gold price will continue to fluctuate, but predicts that the gold price will decrease to 3,000 USD/ounce in August and September, because the two factors that have supported the gold price in the past, trade tariffs and interest rates, have been consumed.

In addition, the world gold price decreased because investors also transferred capital to the stock market and the USD increased again. Meanwhile, the world gold price is approaching the peak after increasing by more than 700 USD/ounce since the beginning of 2025 until now.

"The possibility of gold prices falling by about 50% of the increase, or about $350/ounce, to $3,000/ounce. However, in the short term, gold prices will still fluctuate between increases and decreases," Mr. Phuong commented.

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Source: https://tuoitre.vn/gia-vang-the-gioi-lao-doc-trong-nuoc-giam-nho-giot-20250731121352469.htm