World gold prices dipped below US$4,000 an ounce at times on 23 October 2026 as a stock market sell-off spread, while Vietnam's domestic SJC bullion price fell only about 300,000 đồng per tael. According to VnExpress and VietnamPlus, that left Vietnamese bullion roughly 16 million đồng per tael more expensive than the world price, up from a gap of about 12 million đồng on 22 October.
How the day unfolded
KBVN+ put the prices reported by the two outlets in time order. They were taken at different moments, so the rows are not like-for-like:
| Time (Vietnam) | World spot gold | Domestic SJC bars (buy – sell) | Source |
|---|---|---|---|
| Close, 22 Oct | $4,023/oz, down $114 | – | VnExpress |
| 9:20, 23 Oct | around $4,015/oz | 139 – 142 million đồng | VietnamPlus |
| 10:10, 23 Oct | $4,014.86/oz, down 0.3% | – | VietnamPlus |
| Midday, 23 Oct | $4,007/oz, low of $3,986 | 139 – 142 million đồng | VnExpress |
| Afternoon, 23 Oct | $4,021.04/oz, down 0.1% | 137.4 – 142 million đồng (SJC, Hanoi) | VietnamPlus |
Plain gold rings moved the same way. At 9:20, VietnamPlus quoted Phu Quy at 138 – 141 million đồng per tael and Bao Tin Minh Chau at 137.8 – 141.8 million; by midday, VnExpress listed SJC rings at 135 – 139 million, PNJ at 138 – 141 million, Mi Hong at 140.3 – 141.8 million and DOJI at 137.7 – 141.7 million.
Why world prices slid
Oil is the first culprit. VnExpress reported that crude jumped 4% on 22 October to a five-month high after Houthi attacks on Saudi Arabia, reviving inflation fears and reinforcing expectations that interest rates will stay high for longer, which hurts gold because it pays no interest. VietnamPlus pointed to a second force: investors dumping shares tied to artificial intelligence. Justin Lin of Global X ETF described it as selling gold to raise cash for margin calls, while OCBC's Christopher Wong said broad risk aversion and persistent inflation worries were outweighing the support from falling bond yields.
VietnamPlus said gold was down 3.6% since the start of the week, on course for its steepest weekly fall since June 2026; VnExpress put the five-day loss at nearly $180 an ounce.
What it means for buyers in Vietnam
Converted at Vietcombank's rate, the world price was worth about 126 million đồng per tael (VietnamPlus) or 125.8 million (VnExpress, before taxes and fees). Anyone buying SJC bars at 142 million is paying around 16 million above that, and the 3 million đồng spread between buying and selling prices means an immediate loss on resale. Domestic silver bars fell about 4% to roughly 1.84 – 1.9 million đồng per tael, VnExpress said. The State Bank set its central rate at 25,627 đồng per dollar, down 5 đồng.
What comes next
Traders are now watching the US Federal Reserve meeting on 27-28 October 2026 and the PCE inflation data. Most expect the Fed to hold rates at that meeting, VietnamPlus reported. Capital.com's Monte Safieddine flagged $4,000 as the line speculators are defending, while Lin said prices were nearing support at $3,900. At home, the key question is whether dealers keep cutting more slowly than the world market, which decides whether the 16 million đồng gap narrows.