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US jobs report sends gold prices swinging

Global gold prices experienced sharp fluctuations after the latest US labor market report revealed a steeper decline than expected.
US jobs report sends gold prices swinging

During trading on September 9 in New York, spot gold at one point surged nearly $30 per ounce, approaching $3,645/ounce. However, once the US Department of Labor released its revised employment figures, the rally lost steam. By the end of the session, gold settled at $3,640.25/ounce, up 0.1%.

According to the updated data, in the 12 months ending March 2025, the number of US workers on payrolls dropped by 911,000, or 0.6%. This was the first revision, with final figures set to be published in early 2026. The numbers confirmed that the labor market slowdown began earlier than many investors had anticipated.

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Meanwhile, the US dollar gained 0.2% during the same session, further weighing on gold’s momentum. Investors are now watching closely for the upcoming Producer Price Index (PPI) and Consumer Price Index (CPI) reports, which could shape expectations for the Federal Reserve’s next policy moves. Markets still anticipate up to three rate cuts this year.

Since the start of the year, global gold prices have risen nearly 40%, fueled by central bank buying, expectations of US interest rate cuts, and heightened geopolitical and trade uncertainties.

In Vietnam, domestic gold prices continued to climb on the morning of September 10. SJC bullion was quoted at VND 133.80 – 135.80 million per tael, up VND 700,000 from the previous day. SJC rings traded around VND 128.30 – 130.80 million, while PNJ’s Kim Bao 999.9 gold was listed at VND 128.30 – 131.30 million, and Bao Tin Minh Chau’s plain rings at VND 128.50 – 131.50 million.

The USD/VND exchange rate at Vietcombank stood at 26,177 – 26,497. Based on this rate, world gold prices were equivalent to about VND 117.47 million per tael, still far below domestic bullion prices.

Despite record-high local gold prices, demand remains strong. At Hanoi’s Tran Nhan Tong gold street, more than 250 purchase slips were distributed in just one morning on September 9, with some shops temporarily suspending sales due to supply shortages.

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