Saigon Gold Jewelry Company gold bar price dipped 0.35% to VND143 million (US$5,503.81) per tael.
Gold ring price similarly fell to VND142.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices slipped on Wednesday as the US dollar strengthened, while investors awaited minutes from the Federal Reserve’s September meeting for clues on whether policymakers remain inclined to raise rates further, Reuters reported.
Spot gold fell 0.8% to $4,130.37 per ounce. US gold futures dropped 0.7% to $4,157.00.
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Gold jewelry on sale at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
The US dollar index rose 0.3%, making greenback-priced metals more expensive for investors holding other currencies.
“Minutes will clarify the Fed’s monetary policy and the degree of support among policymakers for further rate increases and could reshape upcoming hike odds,” said Frank Walbaum, a market analyst at Naga.com.
“Subsequent moves in long-term Treasury yields, the dollar, or oil prices triggered by any Middle East developments would then amplify the directional impact (on gold).”
Delegates attending the London Bullion Market Association’s annual conference in Sorrento, Italy, forecast that gold could reach $5,013 an ounce over the next 12 months.