Gold Prices Plunge Over 3% Amid Fed Hawkish Stance

Gold prices plummeted on August 29th following the Fed Chairman's statement. According to Vietnam.vn, domestic gold prices dropped sharply as global gold prices declined.

The price difference between domestic and international gold narrowed significantly. SJC Company reduced its gold prices by 1.5 million VND/ounce compared to the previous session, with new trading prices ranging from 145.7 to 148.7 million VND/ounce. Phu Quy Company also lowered its buying price of gold rings by 1.5 million VND/ounce.

Economic experts attribute the unique fluctuations in the domestic gold market to low current demand and supply imbalances. Mr. Huynh Trung Khanh, Vice Chairman of the Vietnam Gold Business Association, emphasized that 'buying gold at this time still has uncertainties, especially as inspections and stricter management of the gold market continue to be implemented.'

The global gold price plunged more than 3% due to the Fed's hawkish stance. Kitco's live gold price chart shows that the spot gold price was quoted at $4,454.4 USD/ounce for buying, down $146.4 USD/ounce from the previous session.