Vietnam’s gold prices began the week lower on Monday morning as global bullion rates fell.
Saigon Jewelry Company gold bar price slid 0.31% to VND158.5 million (US$6,021.81) per tael.
Gold ring price saw a similar drop to VND158.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold inched lower on Monday, pressured by a stronger dollar and rising crude oil prices, as investors awaited U.S. President Donald Trump’s decision on a proposed deal to extend the ceasefire with Iran, Reuters reported.
Spot gold was down 0.4% at $4,518.09 per ounce after hitting a two-week high in the previous session. U.S. gold futures for August delivery fell 1% to $4,548.90.
A person holds gold jewelry at a store in Ho Chi Minh City. Photo by Read/Quynh Tran |
“Oil’s uptick in price, combined with the still-elusive U.S.-Iran deal, is just enough to keep gold off balance at the start of the week,” said Tim Waterer, chief market analyst at KCM Trade.
Oil prices rose more than 2% in early trading on Monday, stoking concerns around inflation and interest rate hikes. High interest rates typically weigh on non-yielding bullion.
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