Saigon Jewelry Company gold bar price fell 1.1% to VND142.7 million (US$5,451.88) per tael.
Gold ring price saw a similar decline to VND142.2 million per tael. A tael is 37.5 grams or 1.2 ounces.
Globally, gold rose on Wednesday as Treasury yields eased, with investors awaiting minutes of the U.S. central bank’s July meeting for fresh clues on the monetary policy outlook, Reuters reported.
Spot gold climbed 0.5% to $4,356.55 per ounce after falling nearly 2% on Tuesday, while U.S. gold futures slipped 0.2% to $4,410.20.
Reduced expectations for Federal Reserve interest rate hikes and rising fiscal budget concerns are positive factors for gold, said Kelvin Wong, a senior market analyst at OANDA. Lower interest rates reduce the opportunity cost of holding gold.
“A sustained break above $4,390 could open the door (for gold) towards $4,505, while a break below $4,300 could expose $4,200 and $4,150,” said Lukman Otunuga, head of market research at FXTM.