Gold prices hit multi-month lows; should investors still buy at the bottom?

On the morning of June 3rd, the domestic gold market continued its downward trend as businesses simultaneously adjusted their selling prices downwards.

This development has driven gold prices to their lowest level since the beginning of the year, causing significant losses for many investors who bought gold at high prices.

Saigon Jewelry Company (SJC) listed the price of SJC gold bars at 154 million VND/ounce for buying and 157 million VND/ounce for selling, a decrease of 500,000 VND/ounce compared to the end of yesterday.

Meanwhile, the price of 99.99% pure gold rings and jewelry is trading around 153.8 million VND/ounce for buying and 156.8 million VND/ounce for selling. Some other businesses have even adjusted the selling price of gold bars and gold rings down to around 156.5 million VND/ounce.

Over the past week, the price of gold in Vietnam has decreased by approximately 3.7 million VND per tael. Compared to a month ago, each tael of gold has lost more than 10 million VND in value.

Notably, those who bought gold at high prices last month are now facing significant losses if they sell at the present time. Compared to the historical peak of over 190 million VND/ounce set previously, domestic gold prices have fallen by approximately 35-36 million VND/ounce.

Giá vàng thủng đáy nhiều tháng, nhà đầu tư còn nên bắt đáy? - Ảnh 2. — Domestic gold prices continue to fall.

On the international market, at 9:00 AM on the same day (Vietnam time), the price of gold was trading at $4,476 per ounce, down $15 per ounce from the beginning of the day and continuing to fall below the psychological mark of $4,500 per ounce.

Global gold prices weakened amid a strong US dollar and a rebound in crude oil prices. Brent crude is currently trading around $96.9 per barrel, up more than 1% from the previous session. The US Dollar Index (DXY) also remained above 92 points, putting pressure on the precious metal.

Although short-term trends remain volatile, analysts believe gold continues to receive significant support from central bank buying demand.

In its annual report on the international role of the euro, the European Central Bank (ECB) stated that although the pace of gold purchases by central banks slowed over the past year, holdings remain large enough to surpass US Treasury bonds, becoming the most widely held reserve asset globally.

According to experts, gold currently accounts for approximately 27% of total global reserves by the end of the year. Previously, the World Gold Council (WGC) stated that central banks had added 863 tons of gold to their official reserves in 2025. While lower than the over 1,000 tons of the previous three years, this is still a very large purchase given the ongoing global economic uncertainty.

The ECB also noted that, in addition to diversifying its reserve portfolio, many central banks are viewing gold as a hedge against geopolitical risks and volatility in international financial markets.

In the short term, gold prices may continue to fluctuate sharply in response to interest rate movements, the US dollar, and geopolitical tensions. However, the demand for gold accumulation by central banks is expected to continue to be a key supporting factor for the precious metals market in the long term.