Vietnamese Gold Prices Cool Down as Market Awaits Fed Decision

Gold prices in Vietnam continued to cool down on August 28th, after a period of rapid increase. The SJC gold bars in Ho Chi Minh City and the North both decreased by 300,000 VND/ounce, bringing the selling price back to 150 million VND/ounce.

The decline is more consistent with a correction after a rapid rally, rather than a deep downtrend. DOJI products also saw significant price adjustments, with their 9999 Hung Thinh Vuong round gold rings dropping by 1.8 million VND/ounce in both buying and selling prices.

PNJ's 999.9 plain gold rings have dropped to 149.9 million VND/ounce for selling, falling below the psychological mark of 150 million VND. The buy-sell spread widened to approximately 3.5 million VND per tael due to a larger decrease in buying prices.

World gold prices remained almost unchanged on August 28th, hovering around $4,602 per ounce. The market is pricing in a 74% chance of the Fed raising interest rates before the end of the year, leading to uncertainty and stabilizing gold prices above $4,600.