Vietnam’s gold prices dropped Monday morning as global bullion rates continued its decline.
Saigon Jewelry Company gold bar price started the week 1.13% lower at VND148.5 million (US$5,636.53) per tael. This followed a 5.53% plunge last week.
Local bullion rates are down 2.8% so far this year and around VND11 million per tael higher than global prices.
Gold ring price also slid 1.13% to VND148.3 million per tael on Monday. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices extended losses on Monday on rising fears of a U.S. rate hike after a strong jobs report, while renewed hostilities in the Middle East pushed oil prices higher and fanned inflation concerns, Reuters reported.
Spot gold fell 0.4% to $4,313.11 per ounce. Prices fell about 3% last Friday, hitting the lowest since March 24. U.S. gold futures for August delivery were down 0.7% at $4,336.30.
A person holds gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
Israel said it struck military targets in western and central Iran on Monday, even after U.S. President Donald Trump reportedly told Israeli Prime Minister Benjamin Netanyahu to refrain from further attacks.
Oil prices rose more than $3 a barrel, deepening concerns over inflation and higher interest rates, which tend to weigh on non-yielding gold.
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