Vietnamese Gold Prices Plunge as Investors Await FOMC Decision

Gold prices in Vietnam plummeted this morning as investors grew cautious ahead of the US Federal Reserve's interest rate decision. The sharp decline erased previous gains, with SJC gold bars selling at VND137.5 million ($5,220) per tael and buying at VND141.5 million ($5,370) per tael. PNJ Company quoted 9999 gold rings at VND136.2 million ($5,170) per tael for buying and VND141.2 million ($5,360) per tael for selling.

The global market also saw a decline in spot gold prices on the Kitco exchange, dropping to $4,043.6 per ounce compared to yesterday's closing price. This translates to approximately VND129.2 million ($4,900) per tael, significantly lower than Vietnam's domestic price.

The impending FOMC meeting and interest rate decision on July 30 are expected to put pressure on gold prices. Analysts predict a 0.25-percent FED rate hike, which could further dampen investor sentiment.