Vietnamese Gold Prices Plunge Amid US Monetary Policy Pressure
The price of gold in Vietnam experienced a sharp decline on August 30th. Ancarat listed the price of 9999 Tich Tai Gold Ring at 146-149 million VND/tael, down 1 million VND/tael from the previous day. The buying-selling difference is 3 million VND/tael.
The Phu Quy Gold and Gems Group reported a similar drop in gold prices, listing them at 145.7-148.7 million VND/tael, down 1.5 million VND/tael from the previous day. The buying-selling difference is also 3 million VND/tael.
According to experts, the recent decline in gold prices can be attributed to pressure from US monetary policy and expectations of bottom-fishing buying force appearing after a deep correction. The Federal Reserve's potential interest rate hike has increased the attractiveness of the USD and US Treasury bond yields, making precious metals less appealing.