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Saigon Jewelry Company gold bar dropped 1.71% to VND139 million (US$5,386.86) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring declined 1.71% to VND137.8 million per tael. Gold prices in Vietnam have fallen 9.82% so far this year.
Globally gold prices hit a one-year low on Friday while silver, platinum and palladium slid deep into technically oversold territory, as tech shares slumped amid worries that AI spending may not deliver sufficient returns, Reuters reported.
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Gold jewelry seen in a shop Hanoi, October 2025. Photo by VnExpress/Hoang Giang |
Spot gold fell 3.5% to $3,880.97 an ounce, its lowest level since October 2025, while silver dropped 6.5% to $49, breaking below $50 for the first time in 11 months.
"The sky is falling," said independent metals trader Tai Wong. "Metals will not be able to escape the gravity well of a nasty stock correction. Earnings have been the foundation of the AI rally and now that pillar is showing some cracks."
