Gold jewelry seen in a shop in HCMC. Photo by Read/Thanh Tung
Vietnam gold prices continued to fall Thursday afternoon, extending losses from the morning session to their lowest level since June 11.
Saigon Jewelry Company gold bar went down by another 1.41% to VND140 million (US$5,321.37) per tael, having fallen 4.11% since the end of Wednesday.
Gold ring plunged 1.85% to VND143.3 million per tael. Gold prices in Vietnam have dropped 8.4% so far this year.
Globally gold fell on Thursday from a two-week high hit the previous day, as an escalating Middle East conflict drove oil prices higher, while traders awaited the Federal Reserve policy meeting next week for clues on the timing of potential interest rate hikes, Reuters reported.
Spot gold slipped 0.6% to $4,103.39 per ounce, having climbed to its highest since July 7 at $4,165.87 on Wednesday. U.S. gold futures for August delivery fell 1.1% to $4,106.40.
“Oil continues to be up, adding to pressures of inflation and expectations of Fed rate hikes, capping a positive undertone in gold as the dollar weakens,” said Jigar Trivedi, a senior research analyst at IndusInd Securities.
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