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Vietnam Gold Prices Drop VND1 Million Amid Global Market Fluctuations and US Rate Hike Fears
Vietnam's domestic gold prices have fallen by VND1 million to VND147.6 million per tael. This decline is primarily driven by a drop in international gold prices, fueled by stronger-than-expected US employment data increasing speculation of further interest rate hikes by the Federal Reserve. Domestic prices now exceed international rates by approximately VND7 million.
Domestic gold prices in Vietnam have seen a drop of VND1 million, reaching VND147.6 million per tael, influenced by global market trends and concerns over potential interest rate hikes by the US Federal Reserve. Major gold retailers are quoting prices at VND147.6 million per tael today, a decrease of VND1 million from the previous day. This domestic price decline mirrors the downtrend in international gold prices. At the close of trading on September 4, spot gold globally lost over USD43 per ounce, settling at USD4,429. When converted using Vietcombank's exchange rate, this precious metal is equivalent to VND141 million. The market's volatility stems from stronger-than-expected US employment figures, which have heightened expectations that the Federal Reserve (Fed) might raise interest rates this month. In an environment of high interest rates, gold becomes less attractive as it does not offer periodic interest payments. Furthermore, a strengthening US dollar also makes gold more expensive compared to other currencies. Han Tan, an analyst at Bybit, noted that the US Consumer Price Index (CPI) data to be released next week could trigger more significant fluctuations for the precious metal. Domestically, Saigon Jewelry Company (SJC) has listed its gold bars at VND144.6-147.6 million per tael, a VND1 million reduction from yesterday. Other brands have made similar adjustments. Consequently, domestic gold prices are now approximately VND7 million higher than global prices, widening the gap from the VND1-3 million difference observed at the end of August. SJC also reduced the price of plain rings by VND1 million, to VND144.1-147.1 million per tael. PNJ sells these items at VND500,000 higher than SJC, while offering the same buying price. Bao Tin Minh Chau lists these items around VND145.5-149.5 million, while DOJI quotes them between VND146-150 million. Prices for silver bars and ingots in the domestic market also decreased by 1% today compared to yesterday. Phu Quy and Ancarat are trading silver bars at VND2.24-2.31 million per tael, equivalent to VND59.7-61.6 million per kilogram. DOJI's trading price for these items ranges from VND2.28-2.38 million per tael.
Original source
VnExpress