Gold jewelry seen in a shop in Ho Chi Minh City. Photo by VnExpress/ThanhTung
Gold prices on Thursday fell to the lowest since Aug. 19 in Vietnam but remained steady on global markets.
Saigon Jewelry Company gold bar dropped 0.76% to VND144.4 million (US$5,554.37) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring declined 0.34% to VND145.8 million per tael. Gold prices in Vietnam have fallen 5.5% so far this year.
Globally gold prices were little changed Thursday, dropping 0.03% to $4,284.70 per ounce, as hawkish signals from Federal Reserve policymakers bolstered rate hike expectations and powered the U.S. dollar to two-month highs, weighing on non-yielding bullion, Reuters.
Gold is pressured by the higher dollar, said Peter Grant, vice president and senior metals strategist at Zaner Metals. “Post-FOMC Fed speak has been fairly hawkish. So the market is building in expectations of at least one more rate hike before the end of the year. And that’s putting gold under pressure.”