Gold Prices Plummet Globally Amid Weakened Rate Hike Expectations

Global gold prices have taken a hit, recording a decline across various markets. In Vietnam, Saigon Jewelry Company's gold bar prices saw a 0.69% drop to VND143.3 million (US$5,490.21) per tael on Friday morning, marking a 0.49% decrease for the week.

This dip reflects a broader trend of falling bullion rates globally. Spot gold experienced a 0.5% decline, trading at $4,326.75 per ounce, while U.S. gold futures due for delivery in December slid nearly 1% to $4,382.50.

Market observers believe that the recent profit-taking phase in the gold market may be attributed to episodic and speculative capital. Some suggest that gold may be setting up for a significant rally if prices breach the $4,400 barrier, potentially reaching $5,000 by year-end.