Gold prices in Vietnam have seen a significant drop, reflecting a similar trend in the international market. As of September 29, the price of SJC gold is listed between 139-142 million VND per tael, which is nearly 50 million VND lower than the peak prices recorded at the beginning of the year. This decline has left many buyers who purchased gold at higher prices facing substantial losses.

On the morning of September 29, SJC gold was priced at 139-142 million VND per tael, down by 1.4 million VND from the previous session. The price of gold rings also fell to around 138.5-142.5 million VND per tael. This marks a continuation of the downward trend observed in recent days. Just a day earlier, on September 28, the price of SJC gold had decreased to 140.4-143.4 million VND per tael, which is about 5 million VND lower than at the start of the month.

In the international market, gold prices on September 29 fluctuated around 4,120-4,130 USD per ounce. When converted at the current exchange rate, excluding taxes and fees, this equates to approximately 130 million VND per tael, which is significantly lower than domestic prices. Compared to the peak of around 191.3 million VND per tael established earlier this year, the current domestic gold prices are down by nearly 49-52 million VND, depending on the buying or selling price.

This situation means that buyers who purchased gold at peak prices are not only facing a steep decline in value but must also consider the difference between buying and selling prices if they wish to realize their losses. For instance, one buyer, L.M. from Dong Da, reported purchasing 5 taels of gold at 176 million VND per tael a few months ago, resulting in a loss of 13 million VND. Another buyer, T.V.H. from Thanh Xuan, stated that his loss has reached approximately 200 million VND after buying 4 taels during the God of Wealth Day.

Currently, the buying and selling price difference in Vietnam remains around 3 million VND per tael. This means that buyers who purchased gold at high prices must factor in this difference when selling, further increasing their losses.

According to Kitco, gold prices have dropped sharply today, breaking through significant support levels. In fact, gold has experienced its largest decline since June, closing down 172 USD from Friday's closing price, equivalent to a decrease of 3.98%. Notably, the reduction in buying positions occurred prior to a nearly 4% sell-off on September 28, indicating that some speculative funds proactively reduced their gold holdings before the price drop.

Experts suggest that the 4,000 USD per ounce mark is a critical threshold for the future of gold prices. Kyle Rodda, a senior market analyst at Capital.com, believes that long-term supportive factors for gold remain, especially in the context of high geopolitical risks. BMI currently forecasts an average gold price of 4,400 USD per ounce for 2026, with a strong support level anticipated around 3,800 USD per ounce.

Meanwhile, analysts from UOB suggest that the market has formed a temporary bottom around 4,000 USD per ounce. They predict that gold could reach 4,500 USD per ounce in the fourth quarter of 2026, subsequently rising to 4,800 USD in the first quarter of 2027 and 5,100 USD in the second quarter of 2027. However, Nguyen Van The, director of SSI Securities Consulting Company, cautions that if gold cannot maintain critical support levels, the market may continue to adjust.

In the short term, gold prices are under pressure due to the persistent yields on U.S. Treasury bonds, although there remains a positive long-term outlook if prices stay above 4,000 USD per ounce. The dynamics of the domestic market will also depend on the gap between SJC gold prices and the converted international prices. The expert advises buyers to be cautious amid rapid price fluctuations and to avoid borrowing money or investing all their capital in gold purchases. The potential for prices to recover to previously forecasted higher levels in the medium to long term remains uncertain.

As of today, September 29, gold prices in Vietnam continue to decline sharply in line with global prices. Over the past two days, SJC gold prices have dropped more than 3 million VND per tael, reaching a level of 141 million VND.