A person touches a gold jewelry in a shop in HCMC. Photo by Read/Thanh Tung
Vietnam gold price declined slightly Thursday morning as global rates inched down.
Saigon Jewelry Company gold bar dropped 0.25% to VND158.8 million (US$6,033.43) per tael.
Gold ring was steady at VND155.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold price in Vietnam has risen 89% since the beginning of the year.
Globally spot gold fell 0.11% to $4,478.60 per ounce, taking a breather after surging past the key $4,500-an-ounce mark Wednesday, while silver and platinum trimmed some gains following their record-breaking rally, Reuters reported.
The gold market is seeing some chart consolidation and mild profit-taking after record highs, said senior analyst at Kitco Metals Jim Wyckoff.
Gold tends to do well in a low-interest-rate environment and thrives during periods of uncertainty.
U.S. President Donald Trump said on Tuesday he wants the next Federal Reserve chair to lower interest rates if markets are doing well.
The U.S. central bank has cut rates three times this year and currently traders are pricing two rate cuts next year.
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