On October 4, the gold market in Vietnam has recorded a notable decrease in prices, leading to substantial losses for buyers. According to the latest data, the price of SJC gold bars is listed at 140.5-143.5 million VND per tael for buying and selling, with a spread of 3 million VND. This marks a drop of 13 million VND per tael compared to the same time four months ago.

At Phu Quy, the SJC gold price is quoted at 140.3-143.5 million VND per tael, also reflecting a decrease of 13.2 million VND for buying and 13 million VND for selling. Buyers who purchased SJC gold on June 4 and sold it today would incur losses of 16 million VND per tael at SJC and 16.2 million VND at Phu Quy.

For 9999 gold rings, the prices are similarly affected, with SJC listing them at 140-143 million VND per tael. Phu Quy offers a slightly different price of 140.3-143.3 million VND per tael. Buyers in this category would also face losses of 16.3 million VND at SJC and 16.2 million VND at Phu Quy.

Globally, gold prices closed at 4,139.8 USD per ounce, down 144.4 USD from the previous week. The increase in U.S. Treasury yields and a stronger dollar have put pressure on precious metals, increasing the opportunity cost of holding non-yielding assets.

Despite the recent adjustments, the domestic gold price remains significantly higher than the global market by approximately 13.8 million VND per tael. This discrepancy highlights the ongoing challenges for buyers, particularly with the current buy-sell spread at SJC being 3 million VND.

Looking ahead, analysts suggest that if the U.S. Federal Reserve maintains a less aggressive interest rate policy, it could support gold prices. However, the prevailing high yields and a strong dollar continue to pose challenges. The market is expected to remain volatile, with investors closely monitoring upcoming economic data and Fed statements for further direction.

As the situation develops, some analysts believe that timely measures from Europe could improve market sentiment, potentially leading to a new upward trend in global gold prices, reminiscent of the trends observed in 2020.