As of the latest update, gold bar prices across various brands remained steady at 169 – 172 million VND per tael during the afternoon of January 31st. Today, SJC gold prices plummeted by 9 million VND per tael, significantly dropping from the recent record high of nearly 20 million VND per tael.
Gold ring prices at Bao Tin Minh Chau and Bao Tin Manh Hai saw a sharp decline of 9 million VND in both buying and selling rates this morning, settling at 169 – 172 million VND per tael. SJC also reduced the price of plain gold rings to 168 – 171 million VND per tael.
Gold prices at Bao Tin Minh Chau
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Upon opening on January 31st, domestic gold prices universally dropped by 9 million VND per tael. Consequently, SJC gold bars are now priced at 169.0 – 172.0 million VND per tael, marking a staggering 19 million VND per tael decrease from the peak.
Gold prices at SJC
Gold ring prices at Bao Tin Minh Chau and Bao Tin Manh Hai fell by 9 million VND in both buying and selling rates this morning, reaching 169 – 172 million VND per tael. SJC lowered plain gold ring prices to 168 – 171 million VND per tael, a 9.6 million VND per tael drop from yesterday’s closing.
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Global gold prices experienced a sharp decline during Friday’s session and are on track for their steepest daily drop since 1983, following U.S. President Donald Trump’s announcement of the new Federal Reserve Chair.
Specifically, spot gold prices plummeted by as much as 9.5% overnight (Vietnam time) to $4,883.62 per ounce, erasing over $700 per ounce from Thursday’s record high of $5,594.82 per ounce. Prices are currently fluctuating around $4,800 per ounce.
Suki Cooper, Global Head of Commodities Research at Standard Chartered Bank, noted that the market was due for a correction, triggered by a combination of factors, including the new Fed Chair announcement and broader macroeconomic flows.
“Whether looking at USD dynamics or real yield expectations, the combination of these forces has contributed to profit-taking activity,” she stated.
President Trump selected former Fed Governor Kevin Warsh to succeed Jerome Powell as Fed Chair starting in May, placing a frequent critic of the central bank in this pivotal leadership role.
Despite the sharp decline, gold prices are still up over 13% this month, marking the sixth consecutive month of gains.
The USD Index (.DXY) rose by 0.7%, rebounding from a four-year low earlier in the week, making gold—priced in USD—more expensive for foreign buyers.
“January 2026 will be remembered as the most volatile month in the history of the precious metals market,” wrote Nicky Shiels, Head of Metal Strategy at MKS PAMP SA, in a report.
She suggested that $4,600 per ounce for gold, $80 per ounce for silver, and $2,000 per ounce for platinum are reasonable downside targets, emphasizing the need for further adjustments to establish a foundation for a more sustainable upward trend.
In the domestic market, early this morning (January 31st), gold bar and gold ring prices remained unchanged from the previous session’s close.
Yesterday (January 30th), SJC gold bar prices fell by 8.6 to 10.3 million VND per tael in both buying and selling rates across major enterprises. SJC, Bao Tin Minh Chau, Bao Tin Manh Hai, DOJI, and PNJ are currently trading at 178 – 181 million VND per tael.
For 9999 gold rings, prices at Bao Tin Minh Chau dropped by nearly 11 million VND per tael in a single day, settling at 177 – 180 million VND per tael. SJC listed gold ring prices at 177 – 180 million VND per tael, a 9.3 million VND decrease from yesterday’s session. Bao Tin Manh Hai adjusted Kim Gia Bao gold ring prices to 178 – 181 million VND per tael, equivalent to SJC gold bar rates.
Gold prices at Bao Tin Manh Hai
Linh San
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Customs tariffs and geopolitical tensions could drive gold and silver prices to significant highs early in the year, but as these factors subside, a sell-off may ensue, according to City analysts.
