Vietnamese Gold Prices Plummet Amid Market Volatility
The price of gold in Vietnam has decreased today due to market fluctuations. The Saigon SJC Jewelry Company listed SJC gold bar prices at 141.9-144.9 million VND/tael, a decrease of 600,000 VND/tael compared to yesterday's closing session. This is not an isolated incident, as DOJI and Phu Quy also reported similar price drops.
The US composite PMI in September increased to 58.4 points, exceeding expectations and causing the USD to strengthen. This move has pushed Treasury bond yields up and led traders to anticipate a potential interest rate hike by the Federal Reserve in October.
Metal traders will continue to monitor market developments as they await key releases, including US jobless claims and durable goods orders. The current probability of an interest rate hike in October stands at 66-70.9%, up from 53% earlier today.