On June 24, gold prices saw a dramatic decline, officially dropping below the $4,000 per ounce threshold. As of 8:25 PM, global gold prices were quoted at approximately $3,966.8 per ounce, marking a decrease of $157 compared to the previous day.

The decline in gold prices is primarily driven by a robust US dollar and shifting expectations surrounding the Federal Reserve's interest rate policies. Analysts note that the market is increasingly betting on the possibility of sustained high interest rates, which has placed additional pressure on gold as an investment option.

In Vietnam, the price of SJC gold bars was listed at 143.7-147 million VND per tael for buying and selling, reflecting a decrease of 300,000 VND for buying while the selling price remained unchanged. The price gap between buying and selling stands at 3.3 million VND per tael. Other local gold brands, such as DOJI and Bao Tin Minh Chau, also reported similar declines in their gold prices.

Market experts, including Giovanni Staunovo from UBS, emphasize that the strong dollar continues to act as a barrier against gold prices, making gold more expensive for investors holding other currencies. Furthermore, the inflow into gold ETFs has not shown significant improvement, adding to the bearish sentiment.

Despite the current downturn, analysts believe the long-term outlook for gold remains intact. The substantial price correction may encourage central banks, which have been accumulating gold, to increase their purchases. Staunovo notes that central bank demand could provide critical support for gold prices, although concerns over inflation and the Fed's monetary policy may continue to limit short-term investment flows.

From a technical analysis perspective, David Morrison of Trade Nation points out that the breach of the $4,100 per ounce level has turned this area into a new resistance zone. He identifies the $4,020-$4,030 per ounce range as a crucial support level to monitor. If prices break below $4,000 per ounce, further selling pressure could emerge as stop-loss orders are triggered. Conversely, for a recovery, gold would need to surpass the $4,100-$4,180 per ounce range.

Investors are advised to keep an eye on upcoming US economic data, particularly the Personal Consumption Expenditures (PCE) index, which is closely monitored by the Fed as a measure of inflation. This data could introduce additional volatility for the US dollar, interest rates, and gold prices.