International gold price drops, SJC gold price is down to 122 million VND/tael

The world gold price has fallen by more than 40 USD/ounce after the news that the US and the European Union (EU) are approaching a 15% tariff agreement, weakening the demand for safe haven gold. Yesterday, Japanese Prime Minister Shigeru Ishiba also said that the US has lowered tariffs on imported Japanese cars from 25% to 15%.

The temporary easing of trade uncertainties has made investors less interested in safe-haven assets such as gold, which has pushed the price of the precious metal down. At the same time, gold has fallen in a pattern that often sees profit-taking pressure increase after each strong rally.

Gold had earlier benefited from rumors about the possibility of Fed Chairman Jerome Powell facing pressure from the Donald Trump administration. Fed Chairman Powell gave his first speech on the evening of July 22 after a week filled with negative news. However, the head of the Fed did not mention anything about his leadership position.

However, investors are still betting on the possibility that the Fed Chairman will soon have softer policies. It is likely that the Fed will cut interest rates at the September 2025 meeting and at that time, the USD will weaken further, pushing gold prices up. Gold is still in a long-term uptrend as countries are reducing their dependence on the USD and increasing their gold purchases. The USD is also in a long-term downtrend.

The U.S. dollar index (DXY), which measures the greenback against a basket of major currencies, fell to 97.20 this morning. The greenback has been one of the biggest losers among major currencies since Trump announced global tariffs. The dollar’s weakness has continued as the deal was delayed to allow for further negotiations.

For the domestic gold market, this morning the price of gold bars at Saigon Jewelry Company (SJC) was listed at 120-122 million VND/tael (buy-sell), down 700,000 VND compared to yesterday. The difference between the buying and selling price of gold bars at SJC remained at 2 million VND/tael instead of 1.5 million VND as at the end of last week. The price of 4-9 gold rings at SJC decreased by 500,000 VND, down to 115-117.5 (buy-sell).

This morning, the State Bank reduced the central exchange rate by 11 VND, down to 25,166 VND/USD. Meanwhile, commercial banks did not change the USD price and maintained it at a high level. Specifically, Vietcombank bought at 25,930 VND/USD and sold at 26,320 VND/USD.

Source: https://baodautu.vn/vang-quoc-te-giam-gia-vang-sjc-con-122-trieu-dongluong-d339811.html