Vietnamese Gold Prices Plummet Amid Global Market Pressures

Gold prices in Vietnam dropped by nearly VND 1 million per tael on September 28, reaching approximately VND 140.4 million per tael. This decline was driven by a steep fall in global gold prices, which slipped below $4,200 per ounce due to rising US Treasury yields and expectations of higher interest rates from the Federal Reserve.

The buying price for gold at major dealers in Vietnam fell by roughly VND 1 million, reaching VND 140.4 million per tael, while selling prices dropped by approximately VND 1 million, reaching VND 143.4 million per tael. The international gold market came under pressure from rising US Treasury yields, a strengthening US dollar, and growing expectations that the Federal Reserve might hold interest rates higher for an extended period.