Vietnam Gold Prices Hold Steady Amid Global Market Uncertainty
On October 6, domestic gold prices in Vietnam remained steady around VND 143.5 million per tael, despite global declines. The precious metal continues to attract steady demand due to geopolitical uncertainties, even as international gold prices faced pressure near $4,150 per ounce. The stronger US dollar and rising US Treasury yields have contributed to this downward trend, as gold does not offer interest payments. However, weaker-than-expected US jobs data has reduced the likelihood of a Federal Reserve rate hike in October, providing some relief to investors.
In Vietnam, gold prices showed resilience, with buying rates at approximately VND 140.5 million per tael and selling rates near VND 143.5 million per tael. The domestic market remains influenced by global trends, local demand, and investor sentiment. Regional gold prices, particularly on the MCX, also displayed subdued momentum, reflecting the broader market pressure.
Prices for major gold brands in Vietnam varied slightly. SJC, DOJI, and Bao Tin Manh Hai were priced at VND 140.5 million per tael, while PNJ and Phu Quy were slightly lower at VND 140.3 million and VND 140.0 million per tael, respectively. Mi Hong was the highest at VND 141.5 million per tael, and Bao Tin Minh Chau was the lowest at VND 139.3 million per tael.
Experts advise buyers to compare rates across different cities and jewellers, as prices can vary. It's also important to consider additional costs like GST, making charges, and wastage fees. Festival demand and wedding periods can further influence local market prices, so buyers should verify the final price before making a purchase.