Vietnamese Gold Prices Plummet Amid US Economic Optimism
Gold prices in Vietnam dropped sharply on September 8th, following a correction pressure that began at the start of the week. The SJC gold price fell by 1.1 million VND/ounce compared to September 7th, reaching 143.5 million VND/ounce for buying and 146.5 million VND/ounce for selling in Ho Chi Minh City and the North.
The world gold price also retreated to $4,413 per ounce, down $18 from $4,431 per ounce on September 7th. This decline is attributed to positive US employment data, which increased expectations of interest rate hikes by the Federal Reserve. Reuters reported that spot gold fell 0.4% to around $4,410.55 per ounce.
The decrease in gold prices has been observed across various brands, including DOJI and PNJ. DOJI reduced the price of its 9999 Hung Thinh Vuong gold rings from 150 million VND to 149 million VND per tael, while PNJ lowered its 999.9 gold rings to 146.4 million VND per tael.
The market is closely watching the upcoming Federal Reserve meeting on September 15-16, which may influence gold prices. The US inflation reports for August, released before the meeting, will be a key factor in determining whether gold breaks through $4,500 or falls below $4,400.