Vietnam Gold Prices Rise as Global Gold Falls

At the close of Sept. 4, SJC gold bars were quoted at 145.6 million dong to 148.6 million dong per tael, up 200,000 dong on both sides from the previous session. SJC 1-5 chi rings also rose 200,000 dong to 145.1 million dong to 148.1 million dong per tael.

Doji 9999 rings gained 1.3 million dong per tael to 146.5 million dong to 150.5 million dong, while Bao Tin Minh Chau plain rings added 900,000 dong per tael to the same 146.5 million dong to 150.5 million dong range. That puts some branded rings at the highest domestic selling price in the data set.

The stronger local tape comes against a softer global backdrop. Gold prices fell after the US Labor Department said the economy added 162,000 jobs in August, far above economists’ expectations of about 55,000, helping push up the 2-year Treasury yield to around 4.37%-4.38% and the 10-year yield to 4.77%-4.78%.

US gold futures were last trading around $4,429.8 an ounce after touching $4,491.7 on Sept. 3, still well above the 50-day moving average of $4,238.98. The latest reading on Adalytica’s Gold Fear & Greed Index was 11, or “Extreme Fear,” underscoring how abruptly sentiment has swung after the latest macro data.

Investors are now watching whether the Federal Reserve keeps the door open to rate cuts at its Sept. 15-16 meeting. A stronger labor market gives policymakers more room to stay cautious, which tends to support the dollar and pressure non-yielding assets such as gold.