Gold jewelry seen at a shop in HCMC. Photo by VnExpress/Quynh Tran
Gold prices in Vietnam dropped Tuesday afternoon, extending losses from the morning session.
Saigon Jewelry Company gold bar fell 1.41% from Monday to VND188.2 million (US$7,185.26) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring dropped 0.8% to VND187.9 million per tael. Gold prices in Vietnam have risen 23% this year.
Globally gold prices eased on Tuesday, pulled back by a stronger dollar, while investors assessed the impact of an escalating U.S. and Israeli air war against Iran, Reuters reported.
Spot gold was down 0.4% at $5,305.23 per ounce. In the previous session, bullion climbed to its highest point in more than four weeks after the U.S. and Israel launched strikes on Iran over the weekend.
The dollar hovered close to a more than five-week high reached on Monday, supported by firm demand and cautious market sentiment.
A stronger greenback typically makes dollar-denominated assets such as bullion more expensive for foreign buyers.
“Inflationary concerns are proving to be of benefit to the dollar while being of some hindrance to the gold price,” KCM Trade chief market analyst Tim Waterer said.
“Gold would arguably be trading higher than current levels were it not for dollar appreciation since the conflict intensified.”
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