Vietnam Gold Prices Hold Steady Amid Global Decline

On October 6, gold prices in Vietnam remained steady at around VND 143.5 million per tael, despite a global decline in the precious metal. The domestic market is showing resilience, with buying prices at VND 140.5 million per tael and selling prices at VND 143.5 million per tael. This stability comes amid geopolitical uncertainties that continue to support demand for gold as a safe-haven asset.

Globally, gold prices are facing pressure near $4,150 per ounce, weighed down by a stronger US dollar and rising US Treasury yields. However, weaker-than-expected US jobs data has reduced the likelihood of a Federal Reserve rate hike in October, which could provide some support to gold prices. The metal, which does not pay interest, is sensitive to interest rate expectations.

In the regional market, MCX gold is trading with subdued momentum, reflecting the broader weakness in international gold prices. Investor sentiment remains influenced by expectations around future US interest-rate policies. Within Vietnam, prices vary slightly by brand, with SJC, PNJ, DOJI, and others quoting prices close to VND 140.5 million per tael.

Buyers in Vietnam are advised to compare rates across different cities and jewellers before making a purchase. It's important to note that the MCX price is a futures-market benchmark, while retail prices may include additional taxes and charges. Verifying the purity and hallmarking of jewellery is also recommended to ensure quality and authenticity.