Vietnamese Gold Prices Plummet Amid Global Decline
The prices of gold bars and 9999 plain round gold rings have dropped in Vietnam. According to Laodong.vn, as of September 22nd at 6:17 PM, Saigon SJC Jewelry Company listed SJC gold bar prices at the threshold of 141.9-144.9 million VND/tael (buying - selling), down 1.7 million VND/tael in both directions compared to the previous day's closing session.
The buying - selling difference is at 3 million VND/tael. Similar price drops were seen across other companies, including DOJI and Phu Quy Gold and Gems Group, with prices of 141.9-144.9 million VND/tael (buying - selling), down 1.7 million VND/tael in both directions compared to the previous day's closing session.
The global gold price was listed at 4,317.3 USD/ounce, down 26.1 USD/ounce (equivalent to about 0.61%) as of 6:25 PM on September 22nd.
Analysts suggest that despite the US Federal Reserve raising interest rates, which typically disadvantages gold prices, strong investment demand has kept gold prices in the domestic market slightly higher than the world reference price.