Vietnam Gold Prices Plummet Amid Global Market Downturn

Gold prices plummeted in Vietnam on August 30th following the decline of global gold prices over the weekend. SJC gold bars, a popular investment option, dropped to 145.7 million VND per tael for buying and 148.7 million VND per tael for selling, marking a decrease of 1.5 million VND per tael compared to August 29th.

The sharp drop in SJC gold prices is attributed to the hawkish signals from the US Federal Reserve (Fed) on interest rates, which put significant pressure on the domestic gold market. The Fed's comments raised the likelihood of a US interest rate hike, pushing both the USD and bond yields higher. As a result, gold prices fell by over 3% in a single session.

DOJI gold rings also saw a significant drop, with some brands falling by as much as 2 million VND per tael in just one day. PNJ and Phu Quy simultaneously lowered their ring prices below the 150 million VND per tael mark, indicating a clearer reaction from the domestic market to the sharp decline in global gold prices.

The world gold price remained at $4,455 per ounce on August 30th, with spot gold prices falling 3.19% to around $4,454.52 per ounce at the end of the trading session. The USD index rose 0.61% to 99.71 points, marking one of the strongest gains for the greenback in weeks.