Gold Prices Drop Significantly on June 28, 2026

On June 28, 2026, the domestic gold market saw a notable increase in prices; however, investors are still experiencing losses ranging from 1.5 to 1.7 million VND per tael. This situation is attributed to the substantial gap between buying and selling prices.

At the end of the trading week, Saigon Jewelry Company (SJC) listed the price of SJC gold at 145.5-148.5 million VND per tael for buying and selling, with a difference of 3 million VND per tael. Compared to the previous week’s closing price on June 21, the SJC gold price has increased by 1.3 million VND for both buying and selling.

Similarly, DOJI also set its SJC gold price at 145.5-148.5 million VND per tael, reflecting the same increase as SJC. Investors who purchased SJC gold on June 21 and sold it on June 28 faced a loss of 1.7 million VND per tael.

For 9999 gold rings, DOJI listed the price at 145.5-148.5 million VND per tael, also up by 1.3 million VND. Meanwhile, Phu Quy Gold and Gem Group priced their gold rings at 145-148 million VND per tael, marking an increase of 2 million VND for buying and 1.5 million VND for selling. Investors buying from DOJI faced the same loss of 1.7 million VND, while those from Phu Quy incurred a loss of 1.5 million VND.

Globally, the price of gold closed at 4,088.6 USD per ounce, down by 66.1 USD from the previous week. The global gold market is entering a decisive trading week, with prices fluctuating around the critical psychological support level of 4,000 USD per ounce.

The primary pressure on gold prices stems from the hawkish stance of the U.S. Federal Reserve. Although tensions in the Strait of Hormuz have eased, inflation concerns persist. Market expectations suggest the Fed may implement another interest rate hike before the year ends, strengthening the U.S. dollar and diminishing gold's appeal.

Christopher Vecchio, a strategist at Tastylive, expressed caution regarding short-term risks, emphasizing the importance of monitoring two-year Treasury yields. If the Fed continues its rate hike trajectory, gold prices could potentially drop below 4,000 USD, heading towards 3,000 USD per ounce.

Next week, global investors will focus on the U.S. Nonfarm Payrolls report, which will be released earlier due to the Independence Day holiday on Friday. Lukman Otunuga, a senior market analyst at FXTM, noted that strong employment data could reinforce the Fed's tightening stance, leading to further selling pressure on gold below 4,000 USD.

Despite short-term risks, many experts believe that prices below 4,000 USD per ounce present a long-term accumulation opportunity. Technically, if buyers can defend this support level, a recovery may push prices back to test resistance levels between 4,100 and 4,250 USD per ounce in the near future.