Vietnam gold prices fell Saturday morning, following a plunge of the precious metal on global markets, driven by a stronger dollar.
Saigon Jewelry Company gold bar dropped 0.63% to VND141 million (US$5,361.12) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring fell 0.91% to VND141.2 million per tael. Gold prices in Vietnam have fallen 7.7% so far this year.
Globally gold slid 2% on Friday as the U.S. dollar rebounded from a more than one-month low hit in the previous session, though the metal was still on track for its first monthly gain in five as weaker inflation data reduced expectations of further U.S. rate hikes, Reuters reported.
Spot gold was down 1.3% at $4,049.83 per ounce, after falling 2% earlier in the session. U.S. gold futures for August delivery dropped 1.3% to $4,107.
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A gold jewelry seen in a shop in HCMC. Photo by VnExpress/Quynh Tran |
Gold has gained 1.1% so far this month, its biggest monthly increase since February.
The gains have been primarily driven by softer inflation data, which led traders to scale back expectations for Federal Reserve interest rate hikes for the year and as oil prices retreated to pre-Iran war levels earlier this month.
“Although gold is on the cusp of ending a four-month losing streak, the precious metal has struggled to carve a bigger gap above the psychological $4,000 level,” said Han Tan, chief market analyst at Bybit.