SJC gold bars selling price fell below 160 million dong per tael on the afternoon of May 28, 2026 — the lowest level in months — while the buying price dropped to just 154.5 million dong per tael. Compared to the peak at the end of January 2026, SJC has lost nearly 40 million dong per tael.
The main driver is the sharp decline in global gold prices. This afternoon, world gold prices fell to as low as 4,365 USD per ounce before recovering to 4,383 USD — a decline of nearly 100 USD in a day following news of U.S. attacks on southern Iran. Compared to over a month ago, world gold prices have fallen nearly 500 USD per ounce.
Converted at the exchange rate quoted by banks, world gold is equivalent to 139.5 million dong per tael — meaning SJC remains 18 million dong higher than world prices. 9999 ring gold is selling at 157.3 million dong and buying at 154.3 million dong per tael.
According to data from the CME FedWatch tool, the likelihood of the Federal Reserve raising interest rates by 0.25 to 0.5% before the end of the year is increasing — adding further pressure to gold prices as the USD strengthens.
Although world gold has lost nearly 500 USD over more than a month, SJC has only declined 40 million dong — the domestic gold market continues to operate by its own logic.
Analysis
The 18 million dong per tael spread between SJC and world gold remains a concerning figure — not because it is unusually large, but because it reflects a structure of Vietnam's gold market that has yet to undergo substantial reform.
After years of the State Bank holding an exclusive monopoly on the SJC trademark, the gap between domestic and international prices regularly reached 15 to 20 million dong per tael. The government has repeatedly announced plans to "stabilize" prices, but the implementation mechanism — consisting of gold bar auctions — only addresses the surface level without breaking the monopolistic structure.
The direct cause of this latest price decline is geopolitics: the U.S.-Iran conflict that erupted on February 28, 2026 pushed oil prices above 100 USD per barrel, increasing expectations of global inflation and thereby raising the probability of Fed rate increases — according to CME FedWatch data. Higher interest rates and a stronger USD are two traditional enemies of gold.
Notably, while world gold prices have lost nearly 500 USD per ounce over more than a month, SJC has only declined around 40 million dong per tael — a significantly slower rate of adjustment. This is clear evidence that the domestic gold market continues to operate by its own logic, not tightly linked to the international market.
Diaspora Impact
Two groups within the Vietnamese American community are directly impacted by this price decline.
First, remittance senders to Vietnam each month — concentrated in Southern California, Houston, and the Washington D.C. area — often use SJC gold as a channel to preserve assets for their families back home. When SJC fell nearly 40 million dong per tael from its January 2026 peak, the nominal value of gold savings in Vietnam also contracted correspondingly — directly affecting the financial plans of relatives holding gold in Vietnam.
Second, ethnic Vietnamese real estate investors in Southern California and Houston — who often use SJC gold as a measure of wealth when valuing real estate in Vietnam or considering transferring money home to purchase land — need to update their reference levels, especially given the likelihood of the Fed raising interest rates by an additional 0.25 to 0.5% before the end of 2026.