A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices fell Thursday morning while global rates went flat.
Saigon Jewelry Company gold bar dropped 0.48% to VND186.3 million (US$7,090.93) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring declined by 0.32% to VND186.3 million per tael. Gold prices in Vietnam have risen 21.9% so far this year.
Globally gold prices held steady on Thursday, paring an earlier drop of nearly 1%, while a firmer dollar and fading hopes for near-term interest rate cuts due to higher oil prices continued to weigh, Reuters reported.
Spot gold was down 0.1% at $5,172.86 per ounce. U.S. gold futures for April delivery was unchanged at $5,178.
“Given a lack of a short-term exit for the Middle East conflict right now, plus a de facto closure of the Strait of Hormuz, I think any gold dips will likely be bid (buying opportunity), since the market lacks a clear reason to sell the metal,” said Nicholas Frappell, global head of institutional markets at ABC Refinery.
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