Vietnam Gold Prices Plunge to Lowest Level Since July Amid Global Downturn

Gold prices in Vietnam plummeted on Saturday morning to their lowest level since July 22, mirroring a sharp decline in global bullion markets.

The Saigon Jewelry Company's gold bars dropped by 1% to VND148.7 million ($5,700.59) per tael (37.5 grams), while gold rings fell by 0.99% to VND149.7 million per tael.

These declines add up to a total of 2.68% drop in domestic gold prices so far this year.

The global downturn was triggered by comments from Federal Reserve Chairman Kevin Warsh, who stated that inflationary pressure remains persistent, prompting markets to price in higher odds of monetary tightening rather than immediate policy relief.