Vietnam Gold Prices Fall Amid Global Market Pressures
The gold price in Vietnam dropped by VND 400,000 per tael on Tuesday morning. The decline was attributed to falling international gold prices and a strengthening US dollar. This led to a sharp drop in global spot gold, which touched $4,270 per ounce before recovering some losses.
Domestic silver prices also fell by around VND 23,000-24,000 per tael. The decline in gold and silver prices affected the entire commodity market in Vietnam, with domestic gold prices dropping to approximately VND 142.3 million per tael for buying and VND 145.3 million per tael for selling.
The Federal Reserve's upcoming policy meeting is a key focus for investors, who are monitoring the market for additional price movements. The decline in gold prices was also attributed to rising Treasury yields, which added to the pressure on the entire commodity market.