A person holds gold bars at a shop in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold prices fell slightly Thursday morning amid a decline of the precious metal on global markets after a four-day surge.
Saigon Jewelry Company gold bar dropped 0.40% to VND176 million (US$6,680.84) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring declined 0.28% to VND175.8 million per tael. Gold prices in Vietnam have risen 15% so far this year.
Globally gold prices reversed course to slip more than 1% on Thursday, snapping a four-day winning streak, after U.S. President Donald Trump said the United States would continue the war in Iran over the coming weeks, Reuters reported.
Spot gold fell 1.3% at $4,694.48 per ounce, while U.S. gold futures slid 1.9% to $4,723.70. Prices were up over 1% at their highest levels since March 19 before Trump’s remarks.
The United States would strike Iran “extremely hard” over the next two to three weeks and push it back into the “Stone Ages,” Trump told the nation in a televised speech, adding that U.S. strategic objectives in the conflict were close to being fulfilled.
“Gold is pulling back after two superb days, as President Trump was quite bellicose in his tone, referring to aggressive plans over the coming weeks… it suggests the optimism of the last few days was overexuberant and there will be some retracement ahead of the long weekend,” said independent metals trader Tai Wong.
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