A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
Vietnam gold prices on Thursday plunged to the lowest so far this year, contiuing its decline in the last two months.
Saigon Jewelry Company gold bar went down 0.32% to VND156.5 million (US$5,942.65) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring dropped 0.32% to VND156.3 million per tael. Gold prices in Vietnam have fallen 18% from the historic peak on Jan. 29.
Globally gold prices gained, supported by lower crude oil prices and a weaker dollar, as investors assessed renewed expectations for a resolution to the U.S.-Israeli war with Iran, Reuters reported.
Spot gold was up 0.7% at $4,461.09 per ounce. U.S. gold futures for August delivery gained 0.5% to $4,487.90.
The dollar eased, making greenback-priced bullion more affordable for holders of other currencies.
“Gold’s gains are still very much at the mercy of oil and the dollar. It only moves higher when they pull back, making it highly dependent on positive U.S.-Iran headlines for any sustained momentum,” said Tim Waterer, chief market analyst at KCM Trade.
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