Gold prices drop

Saigon Jewelry Company gold bar price plunged 0.31% to VND158.8 million (US$6,040.32) per tael. Other sellers offered the same rate.

Local prices are currently over VND15 million per tael higher than global rates.

Gold ring price fell 0.38% to VND155.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold pulled back on Monday from near record highs as investors booked profits and easing geopolitical tensions cooled safe-haven demand, Reuters reported.

Spot gold was down 0.4% at $4,512.74 per ounce, after hitting a record high of $4,549.71 on Friday. U.S. gold futures for February delivery lost 0.4% to $4,536.40 per ounce.

"A combination of profit-taking and seemingly productive talks between Trump and Zelensky regarding a potential peace deal have put gold, silver on the back foot," said KCM Trade Chief Market Analyst Tim Waterer.

Bullion has staged a stellar rally in 2025, climbing 72% so far and shattering multiple record highs.

Waterer said $5,000 looked to be a viable target for gold next year provided that the next Federal Reserve chairman added a more dovish lean to Fed policy. Traders still expect two U.S. interest rate cuts next year. Non-yielding assets tend to do well in a low-interest-rate environment.