Gold has lost the $4,000-an-ounce mark. Spot prices fell about 4% over the trading week of 19-23 October, the steepest weekly drop since June 2026, according to VietnamPlus and VnExpress, as a surge in energy prices revived inflation worries and strengthened bets that US interest rates stay high for longer. In Vietnam, SJC gold bars traded at 138.7-141.7 million dong per tael (buying-selling) on 24 October, down 300,000 dong from the close of 23 October but still roughly 16-17 million dong above the world price converted into dong.
A week of losses
KBVN+ compiled the moves from figures published by VietnamPlus. SJC prices are the last quote the outlet reported each day:
| Date | World spot gold ($/oz) | SJC bars, buy - sell (million dong per tael) |
|---|---|---|
| 19 October | 4,147.87 (down 0.4%) | 140.1 - 143.1 |
| 20 October | 4,125.90 (down 0.3%) | 139.6 - 142.6 |
| 21 October | 4,137.94 (up 0.3%) | 139.3 - 142.3 |
| 22 October | 4,041.39 (down 2.4%) | 139.3 - 142.3 |
| 23 October | 3,998.35 (down 0.6%) | 139 - 142 |
| 24 October | – | 138.7 - 141.7 |
VietnamPlus put the 23 October US close at $3,998.35, down 0.6%, after an intraday low of $3,975.23, the weakest in more than three months; December 2026 futures fell 1.3% to $4,007.90. VnExpress recorded the close at $3,994, down $28 and the lowest since mid-July. Gold now sits about 26% below the record $5,594.82 it set in January 2026, VietnamPlus said.
Why gold is losing its shine
Oil is the main culprit. Brent crude climbed to its highest in more than five months after Houthi attacks on Saudi Arabia, VietnamPlus reported. Dearer oil feeds into transport, production and consumer costs and makes inflation stickier, which weakens hopes that major central banks can cut rates soon. That leaves gold, an asset that pays no interest, less attractive.
Jim Wyckoff, an analyst at American Gold Exchange, said mounting inflation fears meant the big central banks could not ease policy soon and that every factor was currently working against gold and silver, in comments carried by VnExpress from Reuters and Kitco. A sell-off in technology and artificial intelligence shares on Wall Street added to the pressure by triggering margin calls, forcing investors to sell gold and silver to cover losses, both outlets said.
What it means for buyers in Vietnam
| Product, 24 October | Buy - sell (million dong per tael) | Source |
|---|---|---|
| SJC gold bars | 138.7 - 141.7 | VietnamPlus |
| SJC plain rings | 135 - 139 | VnExpress |
| Plain rings at PNJ, Bảo Tín Minh Châu, Bảo Tín Mạnh Hải, DOJI | 137-138 / 141-141.2 | VnExpress |
Compared with early on 19 October, SJC bars ended the week 1.9 million dong lower on both the buying and selling side, VietnamPlus said, while VnExpress noted that bar prices had dropped to their lowest since 4 August. The spread between SJC's buying and selling prices is 3 million dong per tael, so anyone who buys and resells immediately takes a loss.
The premium over world prices matters more. Converted at Vietcombank's exchange rate, before taxes and fees, world gold was worth about 125.5 million dong per tael according to VnExpress, or about 125 million dong according to VietnamPlus. VnExpress therefore put the domestic premium at about 16 million dong, while VietnamPlus, measuring from the 141.7 million dong selling price, put it at nearly 17 million dong. VietnamPlus noted that domestic prices adjusted more slowly than world prices, so the gap kept widening during the week.
On the currency market, Vietcombank quoted the US dollar at 25,610-26,020 dong, down 20 dong from 23 October and 1.4% lower since the start of the year, VnExpress reported. BIDV quoted 25,640-26,020 dong.
Central banks keep buying
Longer-term demand from central banks remains strong. The World Gold Council's annual survey, cited by VietnamPlus, shows central banks bought a net average of about 1,000 tonnes a year in 2022-2024, double the average of the previous decade. Purchases slipped to 850 tonnes in 2025, and the council expects a similar total in 2026. Goldman Sachs estimates central banks bought 79 tonnes in August 2026 alone, more than four times the 17-tonne average of the period before 2022.
What comes next
Investors are now focused on the Federal Reserve's policy meeting on 27-28 October and US personal consumption expenditures (PCE) price data due on 29 October. CME Group's FedWatch tool, cited by VietnamPlus, shows traders pricing a 92% chance that the Fed holds rates at that meeting but a 78% probability of a hike at its December 2026 meeting. For buyers in Vietnam, the thing to watch is whether SJC prices keep lagging world moves. The 23 October session, when world gold briefly fell below $4,000, is covered in Gold dips below $4,000 as Vietnam's SJC premium widens to 16 million đồng.