Vietnam Gold Prices Plummet After Strong US Jobs Report
Gold prices in Vietnam plummeted on September 5 after a stronger-than-expected US jobs data report sparked renewed fears of a Fed Rate hike. The decline came as global gold prices retreated, leading to a sharp drop in domestic rates.
The US jobs report, which exceeded expectations, has raised concerns about inflation and interest rates, causing investors to reconsider their prospects for US interest rates. As a result, MCX gold futures dropped by roughly 1.9% to around VND 3.99 million per 10 grams.
Despite the decline, some gold brands in Vietnam maintained their prices at VND 144.6 million per tael, while others like Bảo Tín Minh Châu increased theirs to VND 149 million per tael. However, domestic silver prices also fell due to the overall market downturn.