Vietnam Gold Prices Down as Fed Hikes Interest Rate Hopes
The prices of gold in Vietnam have adjusted downward on August 29. According to Laodong.vn, Phu Quy listed SJC gold bar prices at 145.7-148.7 million VND/tael (buying - selling), down 1 million VND/tael in both buying and selling directions.
The buying - selling difference is at 3 million VND/tael. DOJI also listed SJC gold bar prices at the threshold of 145.7-148.7 million VND/tael (buying - selling), down 1 million VND/tael in both buying and selling directions.
The world gold price is also under pressure, with the US Federal Reserve (Fed) continuing to prioritize inflation control. The PCE inflation rate remains at 3.7% in 12 months, while the last 6-month increase rate, annualized, is around 4.1%, significantly higher than the target of 2%.
The probability of the Fed raising interest rates at the September meeting has increased sharply from about 36% to nearly 60%. This change puts direct pressure on gold prices, with the yield of US government bonds with a 2-year term increasing and the USD index rising.