On July 28, 2025, the gold market presented a complex picture both internationally and within Vietnam, reflecting a blend of cautious investor sentiment, geopolitical developments, and economic factors that continue to shape the precious metal's price movements.
In Vietnam, the gold market remained notably stable despite a slight dip in global prices. Leading brands such as SJC and DOJI held firm at the peak price of 121.1 million VND per tael for selling, with buying prices steady at 119.6 million VND per tael as of 10:00 AM in Hanoi and Ho Chi Minh City. This stability was mirrored across other major players, including Bảo Tín Minh Châu and PNJ, with the latter maintaining a slightly lower buy price of 116.0 million VND per tael and selling at 118.5 million VND per tael. Mi Hồng, a key player in Ho Chi Minh City, saw a modest adjustment, reducing its buy price by 200,000 VND to 120.1 million VND per tael and its sell price by 600,000 VND to 121.1 million VND per tael, signaling some internal market recalibration.
Meanwhile, Phú Quý maintained a buy price below the general market at 118.8 million VND per tael but matched the selling price common to other brands at 121.1 million VND per tael. The gold rings market also exhibited stability, with DOJI's Hung Thinh Vuong 9999 gold rings priced between 116.0 and 118.5 million VND per tael, unchanged from the previous day, and similar steadiness observed at Bảo Tín Minh Châu and Phú Quý. These narrow spreads, ranging from 2.5 to 3 million VND per tael, suggest a cautious but balanced trading environment.
Despite the domestic steadiness, the international gold scene told a slightly different story. On the global stage, spot gold prices slipped to 3,334.1 USD per ounce at 10:00 AM Vietnam time, marking a decline of 1.9 USD from the previous day and hitting the lowest level in nearly two weeks. August gold futures in the U.S. similarly retreated to 3,331.60 USD per ounce. When converted using Vietcombank’s exchange rate of 26,320 VND/USD, this translated to approximately 110.1 million VND per tael for international gold—significantly lower by about 11 million VND compared to domestic prices. The gap underscores domestic factors such as taxes, fees, and operational costs that maintain higher local pricing.
The downward pressure on global gold prices was largely attributed to a preliminary trade agreement between the United States and the European Union, announced on July 27, 2025. This framework deal reduced the threatened tariffs on EU goods from 30% to 15%, easing fears of an escalating trade war that had previously buoyed gold as a safe haven. According to Jigar Trivedi, senior commodities analyst at Reliance Securities, "the easing of trade tensions has pressured gold prices." The agreement effectively softened the risk appetite of investors, encouraging a shift toward riskier assets like equities.
Supporting this, the U.S. dollar index experienced a slight decline of 0.1%, rendering gold cheaper for buyers using other currencies and partially offsetting the downward trend. European currencies and U.S. stock futures rallied following the trade news, reflecting improved investor sentiment. Further complicating the outlook, high-level negotiations between the U.S. and China were scheduled in Stockholm on July 28, aiming to extend a trade ceasefire and prevent additional tariffs, adding another layer of uncertainty and potential volatility.
Looking ahead, the Federal Reserve's upcoming policy meeting, concluding on July 30, 2025, loomed large over the market. The Fed was widely expected to maintain its benchmark interest rate between 4.25% and 4.50%. Notably, President Donald Trump had a positive meeting with Fed Chair Jerome Powell just days earlier, hinting at a possible rate cut in the near future, which could provide upward momentum for gold prices. Silver, platinum, and palladium also saw modest gains on July 28, with silver up 0.2% to 38.23 USD per ounce, platinum rising 0.6% to 1,409.50 USD, and palladium increasing 0.6% to 1,227.76 USD.
Despite these developments, market sentiment remained cautious and mixed. A Kitco News survey of 14 analysts found only 14% expected gold prices to rise in the coming week, while 36% anticipated a decline and half predicted stability. In contrast, a broader survey of 206 Main Street investors revealed a more optimistic outlook, with 66% forecasting continued price increases. This divergence highlights the uncertainty pervading the market.
Marc Chandler, Managing Director at Bannockburn Global Forex, sounded a note of caution, emphasizing technical vulnerabilities: "If gold breaks 3,321.5 USD, the next target could be 3,309 USD, and a drop below 3,300 USD might push prices down to 3,250 USD." This technical perspective suggests that gold is at a sensitive juncture, with potential for significant moves depending on upcoming economic data and policy signals.
Conversely, Aakash Doshi, Head of Global Gold Strategy at State Street Global Advisors, remained upbeat, noting that gold remains fundamentally supported and is trading less than 5% below its all-time high from April 2025. He expressed optimism for August, anticipating that the Fed might shift its monetary policy stance at the Jackson Hole symposium in Wyoming, potentially sparking a renewed rally.
Back home, trading activity in Vietnam's gold market appeared subdued. Observers noted quiet transaction volumes and a cautious approach from both buyers and sellers, influenced by the substantial spread between buying and selling prices—ranging from 1.5 to over 2 million VND per tael—which affects short-term profitability. Many investors preferred to wait for clearer signals from the international market before making moves, while others leaned toward accumulating gold rings and 24K gold, which offer lower cost and higher liquidity compared to gold bars. Jewelry demand also softened, as July is not a peak season for weddings or festivals, further dampening trading enthusiasm.
In summary, July 28, 2025, saw Vietnam's gold market holding firm amid global headwinds and cautious investor sentiment. The interplay of easing trade tensions, upcoming monetary policy decisions, and geopolitical negotiations continues to shape a market poised between stability and potential volatility. For investors and consumers alike, the coming days promise to be critical in defining gold's trajectory, underscoring the importance of staying informed and agile in this dynamic environment.
