Vietnamese Gold Prices Plummet Amid International Market Volatility

The gold market in Vietnam experienced significant volatility on September 6th, with domestic prices adjusting sharply following a week of international market fluctuations. According to data from Vietnam.vn, SJC gold bars in Ho Chi Minh City and the North listed at 144.6 million VND/ounce for buying and 147.6 million VND/ounce for selling, both down 1 million VND/ounce compared to September 5th.

The price of SJC gold decreased by 1 million VND per ounce on September 6th, with the buy-sell spread remaining at 3 million VND/ounce. This is a relatively sharp decrease compared to previous sessions, when the price of SJC mostly only changed by a few hundred thousand dong per tael.

The DOJI gold ring was still priced at 150 million VND/ounce, while PNJ plain gold rings reduced by nearly 1 million VND/ounce. Phu Quy's 999.9 pure gold rings dropped to 147.9 million VND/ounce.

On the international market, global gold prices held steady at $4,430 per ounce over the weekend, unchanged from September 5th. However, spot gold closed Friday at around $4,419.09 per ounce, down 1.2%, after briefly falling to $4,364.99 per ounce.

The US jobs report was a significant factor influencing gold prices, with the US economy generating an additional 162,000 jobs in August, exceeding expectations of 56,000 jobs. The unemployment rate remained at 4.1%. This triggered an immediate reaction in the bond market, with yields for 10-year US Treasury bonds ending the session around 4.774%.