Gold Prices Plummet by Nearly $150 Amid High Bond Yields and Expensive Oil

Global gold prices plummeted by nearly $150 on September 29, 2026, sending shockwaves through markets worldwide. The sudden drop in gold prices comes after a sharp decline of over 2% on September 28th, with the price falling below the $4,200/ounce mark.

The domestic market also took a hit, with gold prices in Vietnam hitting rock bottom. At the close of trading on Monday (September 28), SJC gold bars were priced at 139.4 - 142.4 million VND/ounce, while PNJ Group listed their SJC gold bars at 139.4 - 142.4 million VND/ounce.

Analysts are pointing to high bond yields and expensive oil prices as major obstacles to gold's upward momentum. Market attention is now focused on a series of US economic data releases this week, including job creation, the private sector employment report, the personal consumption expenditure (PCE) index, and the non-farm payrolls report.

Some analysts, such as Kevin Grady, president of Phoenix Futures and Options, believe that prices may continue to be pressured in an environment of high interest rates and yields. However, others, like Marc Chandler, managing director of Bannockburn Global Forex, lean towards a bullish scenario for gold prices.