Gold Prices Plummet in Vietnam Amid Global Recovery
The gold market experienced a notable development on September 12th as domestic and international gold prices moved in different directions. In Vietnam, SJC gold bars saw a sharp decrease of 1.2 million VND/ounce compared to the previous day, reaching 142.4 million VND/ounce for buying and 145.4 million VND/ounce for selling. This fall was more pronounced than the previous day's decline of 1.6 million VND/ounce.
Meanwhile, global gold prices recovered slightly from their sharp drop due to rising US inflation, a stronger US dollar, and increased expectations of a Fed interest rate hike next week. According to updated data, world gold prices stood at $4,349 per ounce on September 12th, up 0.74% from the previous day's price of $4,317.
Despite higher-than-expected US CPI figures, which reinforced the view that price pressures in the US have not eased quickly enough, bargain-hunting buying and a cooling oil price helped gold recoup some losses. The Fed currently maintains interest rates between 3.50% and 3.75%, but with an 80-85% probability of raising them by 0.25 percentage points at its September 15-16 meeting, the impact on gold is significant.