Vietnam Gold Prices Plummet to Two-Month Low Amid Global Sell-Off

Gold bar prices in Vietnam plummeted to a two-month low on September 29, following a global market sell-off. The SJC gold bar price fell to VND 141.5 million per tael, its lowest level since early August. This decline came after global gold prices dropped by $170 per ounce, reaching $4,114 at the close of the previous session.

The gap between domestic and international gold prices has widened significantly, with Vietnam's domestic gold market now trading VND 11 million higher than global prices. This premium is a notable point for domestic investors, who are seeing their country's gold prices fall more slowly than the global market.

Market analysts attribute the sell-off to several factors, including the surge in crude oil prices after US President Donald Trump rejected Iran's peace proposal. The increase in crude oil prices has raised concerns about inflation and forced central banks to maintain high interest rates for longer. This has made gold more expensive for buyers outside the US.