Vietnam Gold Prices Diverge from Global Market Amid US Inflation Fears
The gold price in Vietnam showed a divergence between domestic and international markets on September 10th. While SJC gold bars remained unchanged at 143.6 million VND/ounce for buying and 146.6 million VND/ounce for selling, global gold prices surged by $44 to approximately $4,399 per ounce.
According to Reuters, gold rose more than 1% on Wednesday due to a weaker US dollar and increased safe-haven demand amid oil prices surpassing $100 a barrel. However, high US bond yields remain a major drag, making the upward momentum of gold uncertain.
The price of gold in Vietnam is influenced by global market trends, but domestic businesses are cautious ahead of two important US inflation reports on September 10th and 11th. The buy-sell spread for SJC gold remains at 3 million VND per tael, while the current selling price is about 4 million VND/ounce lower than the short-term peak of 150.6 million VND/ounce.