Vietnam Gold Prices Hold Steady Amid Global Market Rebound
Gold prices in Vietnam held steady on October 5, with domestic rates reaching VND 143.5 million per tael for selling and VND 140.5 million per tael for buying. This stability came despite a slight rebound in international gold prices, which were trading between $4,150 and $4,160 per ounce. The global market received support from lower US Treasury yields and diminishing expectations of a Federal Reserve rate hike in October, following weaker-than-expected US jobs data.
The domestic market in Vietnam continued to trade at a premium over global prices, with major brands like SJC, DOJI, and PNJ all listing gold bars at VND 140.5 million per tael. Other brands such as Phú Quý and Bảo Tín Mạnh Hải (BTMH) offered slightly lower rates, at VND 140.3 million and VND 139.6 million per tael, respectively. Prices for different karat purities also varied, with 24K gold priced at VND 3,474,559 per gram, 22K at VND 3,180,643 per gram, and 18K at VND 2,602,344 per gram.
Experts advised buyers to compare rates across different cities and jewellers before making a purchase, as prices can vary. They also recommended checking the final jewellery bill for additional costs like GST, making charges, and wastage. Buyers were cautioned against rushing into large purchases due to significant day-to-day price swings and to verify the purity and hallmarking of any jewellery.
The current gold price trends were influenced by geopolitical factors and economic data, with the fading expectation of a Fed rate hike providing some upward momentum. However, higher US Treasury yields limited the potential for substantial gains. Festival demand and wedding periods can also affect local market prices, making it important for buyers to compare quotes from multiple jewellers during these times.