In the afternoon trading session on June 19 (Vietnam time), both SJC gold bars and gold jewelry prices dropped sharply, following the global gold market downturn.

At Bao Tin Minh Chau, the gold ring price was adjusted down by VND 200,000 per tael on both the buying and selling sides, to VND 114.6–117.6 million/tael.

At PNJ, gold ring prices fell by VND 200,000/tael (buy) and VND 100,000/tael (sell), trading at VND 113.7–116.7 million/tael.

SJC adjusted gold ring prices to VND 113.5–116 million/tael, marking a VND 200,000/tael drop from the previous session.

Gold bar prices at various enterprises also fell by VND 200,000/tael, now listed at VND 117.4–119.4 million/tael.

Globally, spot gold was recorded at USD 3,355/ounce, down USD 12 from the previous session, with intra-day drops reaching as much as USD 28/ounce.

Morning Session: Gold Holds Steady Before Afternoon Sell-Off

Earlier in the day, gold prices had held steady compared to the June 18 closing levels.

At major brands:

• Bao Tin Minh Chau listed gold rings at VND 114.8–117.8 million/tael

• PNJ posted prices at VND 114–116.8 million/tael

• SJC priced gold rings at VND 113.7–116.2 million/tael

• DOJI listed prices at VND 110–112 million/tael
  

Gold bar prices remained unchanged at VND 117.6–119.6 million/tael for three consecutive sessions since June 17.

On the international front, spot gold opened at USD 3,378/ounce, up nearly USD 11 from the previous close. According to Kitco News analysts, the gain was only the tip of the iceberg in a highly volatile week, highlighting gold’s dual nature as both a safe haven and a risky short-term trade.

From Record High to Rapid Reversal

The recent gold volatility was triggered by geopolitical tensions in the Middle East, which drove spot gold to a record close of USD 3,432.63/ounce, surpassing its previous high of USD 3,431.14 from May 6.

However, the rally reversed quickly. On Monday, gold opened at USD 3,473/ounce but faced heavy sell-offs, sending August futures down USD 48.3 to close at USD 3,404.30/ounce.

Tuesday saw a minor rebound of USD 2.2, but Wednesday brought further selling pressure, dropping gold another USD 20.10 to close at USD 3,386.40/ounce—below the critical USD 3,400 threshold.

Fed’s Policy Adds to Uncertainty

The U.S. Federal Reserve added more complexity with its latest policy statement. The Fed held rates steady at 4.25%–4.50% and reaffirmed its data-driven approach. Despite inflation risks, the Fed still projected two rate cuts in 2025.

Chair Jerome Powell commented: "We are well-positioned to wait for more data before making policy adjustments," admitting that economic uncertainty "remains elevated despite some easing."

Gold Faces Macro Headwinds and Opportunity

Gold retains underlying support from central bank buying, geopolitical instability (Ukraine and Middle East), and ongoing rate cut expectations. However, the sharp correction this week revealed the downside risks: rapid profit-taking and the fragility of speculative price spikes.

Gold’s drop from Monday’s open to below USD 3,400 signals how quickly sentiment can shift. Its future trajectory will likely depend on:

1. The duration and intensity of geopolitical crises

2. The Fed’s rate policy path

3. Global macroeconomic performance, particularly trade policy impacts under the Trump administration
   
   

Whether gold can revisit its record highs will depend on whether current uncertainties continue to fuel safe-haven demand—or if recent gains fade as markets adapt.

(Cre: BBC)