A person holds gold jewelry at a shop in Hanoi. Photo by Read/Ngoc Thanh
Vietnam gold prices fell Saturday morning following a dip of the precious metal on global markets.
Saigon Jewelry Company gold bar dropped 0.67% to VND147.6 million (US$5,663.85) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring fell 0.66% to VND149.5 million per tael. Gold prices in Vietnam have decreased by 3.4% so far this year.
Globally gold fell on Friday and was headed for a weekly loss after stronger-than-expected U.S. jobs data boosted expectations that the Federal Reserve could raise interest rates as soon as this month, denting non-yielding bullion’s appeal, Reuters reported.
Spot gold slipped 1.2% to $4,419.09 per, putting it on track for a mild weekly decline. After the data, bullion fell more than 2% to an intraday low of $4,364.99 per ounce.