Vietnamese Gold Prices Plummet Amid Rising Treasury Yields

Gold prices in Vietnam dropped by nearly VND 1 million per tael on September 28, reaching approximately VND 140.4 million per tael. This decrease comes after a steep fall in global gold prices, which slipped below $4,200 per ounce due to rising US Treasury yields and a stronger US dollar.

The drop in domestic gold rates occurred as international gold prices came under pressure from growing expectations that the Federal Reserve might hold interest rates higher for an extended period. Major dealers saw both buying and selling prices fall by roughly VND 1 million per tael, reaching VND 140.4 million and VND 143.4 million per tael respectively.

The sharp decline in gold prices has led to a warning from financial experts to compare rates carefully before making a purchase, as prices can vary across cities and jewellers. They also advise buyers to look beyond the headline gold rate and account for additional costs such as GST, making charges, wastage charges, and other applicable expenses.