Vietnam SJC Gold Bars Flat as Global Gold Eases

The stability at home came as spot gold eased 0.39% to $4,154.40 an ounce, after U.S. producer price inflation rose 1.3% in September from the prior month and 6.3% from a year earlier, the sharpest monthly increase since March 2022. September consumer prices also rose 0.6% on the month, reinforcing the view that the Federal Reserve may keep policy restrictive at its Oct. 27-28 meeting.

That inflation backdrop matters because gold does not pay interest and tends to struggle when Treasury yields stay elevated. The U.S. 10-year yield was around 5.09%, while the dollar weakened, offering only partial support to bullion. Traders still largely expect the Fed to hold rates steady this month rather than hike again, but the latest price data is pushing back against expectations for any near-term easing.

For investors, the message is mixed: global gold remains supported by haven demand from Middle East tensions and shipping risks around the Strait of Hormuz, but hotter U.S. inflation keeps pressure on real rates and limits upside. In Vietnam, that leaves local prices flat for now, but the high domestic premium and wide bid-ask spread make timing critical for anyone buying bars or rings.

Technically, bullion is still trading above key support levels, but the market appears vulnerable to another pullback if the dollar firms or yields rise further. The next catalyst will be how markets read the Fed’s late-October meeting and whether fresh U.S. data confirms inflation is still too hot for an early policy pivot.