Vietnamese Gold Prices Hold Steady Amid Rising US Bond Yields
Gold prices in Vietnam saw little change on September 22nd as the market remains cautious due to rising US Treasury bond yields and a strengthening USD. The price of gold rings listed by Saigon SJC Jewelry Company ranged from 143.1 million VND to 146.1 million VND per tael, with a buying-selling difference of 3 million VND.
DOJI Group and Phu Quy Gold and Gems Group also reported similar prices for gold rings, ranging from 143.6-147.6 million VND per tael. The SJC gold bar price listed by these companies was around 143.6-146.6 million VND per tael.
The world gold price was listed at 4,349 USD per ounce as of September 21st, and spot gold prices slightly decreased due to high US Treasury bond yields and a strengthening USD. Despite weakening industrial activity and less positive future demand signals, the Fed's concerns about inflation remain a constraint on gold prices.
The market positions still lean towards defense, but no longer one-sided as seen at the beginning of the month. According to the latest position data from the US Commodity Futures Trading Commission (CFTC), cash management accounts maintained a net buying position of 133,116 gold futures contracts on COMEX, down 1,856 contracts in the week.