---
title: "Gold prices plummet to 6-week low"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/293557299.md"
description: "Vietnam gold prices dropped to a six-week low, with Saigon Jewelry Company bars and rings falling 2.74% to VND142 million per tael. This marks a 7.1% decline for the year. Globally, gold remained steady at $4,129.40 per ounce. Analysts attribute the bearish trend to elevated oil prices from Gulf supply disruptions, which raise expectations for sustained higher interest rates, reducing gold's appeal."
datetime: "2026-07-23T04:21:53.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/293557299.md)
  - [en](https://longbridge.com/en/news/293557299.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/293557299.md)
---

# Gold prices plummet to 6-week low

Saigon Jewelry Company gold bar plunged 2.74% to VND142 million (US$ 5,397.51) per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold ring also dipped 2.74% to VND142 million per tael. Gold prices in Vietnam have fallen 7.1% so far this year.

Globally gold was steady at $4,129.40 per ounce, having reached a two-week high Wednesday, buoyed by ‌a softer dollar and technical buying, as markets weighed lingering Middle East tensions and awaited fresh interest rate cues from the U.S. Federal Reserve, _Reuters_ reported.

"The underlying bearish fundamentals may cap upside gains – especially with oil prices up over 3% this morning," said Lukman Otunuga, senior research analyst at FXTM.

Elevated oil prices due to Gulf supply disruptions have been weighing on gold prices as they raised expectations of higher-for-longer interest rates, which tend ⁠to diminish the appeal of non-yielding gold.

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