Saigon Jewelry Company (SJC) and several other large brands quoted gold bars at 140-143 million dong per tael (buying and selling) on the morning of 28 October, up 1 million dong from the close on 27 October, VnExpress reported. Domestic prices followed a morning rebound in world gold, but by the afternoon spot gold in Asia had turned lower, down 0.5% on concern that rising energy prices would fuel inflation, according to VietnamPlus.
Domestic gold prices on 28 October
| Product | Time | Buying - selling (million dong per tael) | Source |
|---|---|---|---|
| SJC and several major brands, gold bars | Morning | 140-143 | VnExpress |
| SJC plain rings | Morning | 136-140 | VnExpress |
| PNJ plain rings | Morning | 137.4-141.4 | VnExpress |
| DOJI plain rings | Morning | 138.2-142.2 | VnExpress |
| SJC gold bars in Hanoi | Afternoon | 139.7-142.7 | VietnamPlus |
A wide gap for domestic buyers
At the morning quotes, the gap between the buying and selling price was 3 million dong per tael for SJC gold bars and 4 million dong for SJC plain rings. A tael of bars bought at 143 million dong would fetch only 140 million dong if sold straight back at the same moment. On top of that, converted at the Vietcombank selling rate, domestic gold bars were about 16 million dong per tael above the world price, according to VnExpress.
World prices reverse during the day
In the morning, VnExpress said spot gold had recovered to the range of 4,050 to 4,060 USD an ounce after dipping below 4,000 USD in earlier sessions, as oil prices eased and Fed officials signalled they would not raise rates again at their October meeting. By 14:43 Vietnam time, VietnamPlus reported, spot gold was down 0.5% at 4,037.11 USD an ounce and December futures had fallen 0.6% to 4,051.30 USD. Oil rose more than 1% after an attack on a refinery in Saudi Arabia, reviving inflation concerns.
Soni Kumari, an analyst at ANZ cited by VietnamPlus, said gold was moving on interest rate expectations and on inflation risks from high energy costs, which would keep the Fed cautious and remain the main drag on gold in the short term. Spot silver fell 1% to 53.81 USD an ounce and platinum lost 0.6% to 1,530.49 USD.
Rate expectations and the 2026 outlook
On the CME FedWatch tool, markets were betting on a Fed rate rise in December, with VnExpress putting the probability at 83% and VietnamPlus at about 84%. Higher rates raise the opportunity cost of holding gold, which pays no interest.
A Reuters poll of 30 analysts and traders, cited by VnExpress, cut the median forecast for the 2026 gold price to 4,495 USD an ounce from 4,509 USD in the survey three months earlier. It was the second straight quarter of downgrades, against a backdrop of high US Treasury yields, a firmer dollar and expectations that rates will stay high for longer. The analysts expect gold to recover in 2027 as reliance on the US dollar declines.
What comes next
According to VietnamPlus, the Fed policy decision was scheduled for 1am on 29 October, Vietnam time. The Fed then kept its benchmark rate at 3.75-4%, VnExpress reported. Also on 29 October, markets are waiting for Personal Consumption Expenditures (PCE) data, the inflation gauge the Fed watches most closely.