Vietnam Gold Prices Drop as Global Market Pressures Persist
On October 7, 2026, domestic gold prices in Vietnam continued their downward trend across major brands, including SJC, DOJI, Bao Tin Manh Hai, and PNJ. The buy-sell spread for gold fluctuated between 3 and 4.2 million VND per ounce, depending on the brand. For instance, SJC gold bars and 99.99% pure gold rings saw a decrease of 600,000 VND per ounce in both buying and selling prices, trading at 139.9 to 142.9 million VND per ounce. Similarly, PNJ gold bars and plain round gold rings also dropped by 600,000 VND per ounce, trading within the same range.
Globally, gold prices remained around $4,150 per ounce, marking their lowest levels in about two months. Analysts suggest that gold may fall further in the short term before investment flows return, driven by safe-haven demand amid ongoing economic and geopolitical uncertainties. Central banks, including the German Bundesbank, continue to buy gold, viewing it as a crucial diversification asset during periods of stress. Joachim Nagel, president of the German central bank, emphasized that gold's role in the global monetary system could become even more important due to geopolitical uncertainties and rising public debt.
The US dollar's strength and high yields on US government bonds have pressured gold prices. The US dollar index rose during the session, making gold more expensive for investors holding other currencies. Meanwhile, the yield on 10-year US Treasury bonds remained near its highest level in about 20 years. Despite these short-term pressures, fundamental factors continue to support gold prices in the long term, with geopolitical risks and potential shifts in US interest rate expectations being key catalysts.
Investors are awaiting the minutes of the Federal Open Market Committee's September meeting, expected to be released later this week. The minutes could provide further clues about the Fed's monetary policy direction after the US central bank raised interest rates last month, the first time in three years. Traders currently predict an 87% probability that the Fed will conduct an interest rate hike in December, which typically increases the opportunity cost of holding non-interest-bearing assets like gold.