Domestic Gold Prices Drop 1.2 Million VND on September 22
Vietnamese gold prices fell by as much as 1.2 million VND, tracking a global dip to $4,356.80 driven by elevated Treasury yields.
Key points
- Domestic gold prices in Vietnam fell by up to 1.2 million VND per ounce on September 22.
- Global spot gold dropped to $4,356.80 per ounce due to high US Treasury yields and a stronger dollar.
- PNJ and Phu Quy offered the highest domestic buying price for gold rings at 143.6 million VND.
Domestic gold prices in Vietnam dropped by up to 1.2 million VND per ounce on September 22. This decline extended a downward trend that began during the previous trading session.
Global spot gold fell to $4,356.80 per ounce as high US Treasury yields pressured the market. A stronger dollar also limited safe-haven demand despite geopolitical tensions in the Middle East.
Domestic dealers cut bid prices
PNJ and Phu Quy set the highest buying price for gold rings at 143.6 million VND. SJC gold bars saw a uniform decrease of 1 million VND in both buying and selling directions.
DOJI recorded the sharpest drop with a 1.2 million VND reduction in both directions. The selling price spread between dealers reached 700,000 VND per ounce across major brands.
Global yields suppress precious metal demand
US economic data showed weakening industrial momentum but did not alter Federal Reserve policy constraints. Chicago Fed President Austan Goolsbee warned of painful trade-offs between jobs and inflation.
Interest rate markets focus on oil prices and services inflation prolonging monetary tightening. The gold market remains defensive as Fed policy expectations drive price adjustments.
Market faces resistance near key levels
Vietnam.vn reports that the market is unlikely to make a clear breakthrough soon. Traders should monitor Fed statements and global yield movements for direction signals.
The current stance is less one-sided than earlier in the month. Price movements now reflect policy expectations rather than pure economic growth concerns.
Treasury yields drive continued gold decline
Domestic gold transactions have seen a notable correction, with prices dropping by up to 1.2 million VND across major brands. This sharp reduction in both buying and selling rates follows a broader trend of downward pressure on the precious metal.
The local price adjustment mirrors movements in international markets, where spot gold settled at $4,356.80 per ounce. The decline was largely attributed to strong US Treasury yields, which have increased the opportunity cost of holding non-yielding assets like gold.
Market participants are currently watching these yield levels closely, as they continue to weigh against safe-haven demand and influence the overall trajectory of both global and domestic gold pricing.
