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Vietnam Gold Prices Fall Amidst Fed Rate Hike Pressure, SJC Gold Follows
Global gold prices are falling, with Vietnam's SJC gold also seeing a decline, as speculation mounts over a US Federal Reserve interest rate hike. The market is closely watching the Fed's monetary policy decisions.
On September 15, 2023, gold prices in Vietnam and globally continued their downward trend. In the global market, soaring US bond yields and the increasing likelihood of the US Federal Reserve implementing an interest rate hike at its upcoming meeting on September 16 have become factors pushing gold prices down. Gold was trading at $4,312 per ounce on this day. Domestically, the price of SJC gold bars (Saigon Jewelry Company Limited) also followed this global downward trend, falling to VND 145.3 million per tael. Market participants are closely monitoring the outcome of the Federal Reserve's monetary policy meeting, which is expected to influence future gold price movements. Interest rate hikes generally reduce the relative attractiveness of gold, which does not yield interest, thereby exerting downward pressure on its price. Vietnam's domestic gold prices tend to move in tandem with global market trends, further increasing interest in the Fed's current monetary policy. Source: Nhan Dan
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Nhan Dan