Saigon Gold Jewelry Company gold bar price was down 0.21% at VND142.3 million (US$5,499.20) per tael.
Gold ring price fell by the same rate to VND140.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, prices fell for a fourth consecutive session on Wednesday, pressured by rising oil prices that fueled inflation concerns, as investors awaited the Federal Reserve meeting next week for signals about the central bank’s future interest-rate decisions.
Spot gold was down 0.2% at $4,118.18 per ounce, while US gold futures for December delivery slipped 0.2% to $4,136.20.
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A person holds gold jewelry at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
“The metal could remain under some pressure as crude prices returned to the upside, keeping inflationary pressures in place and reinforcing hawkish monetary policy expectations,” Bas Kooijman, CEO and asset manager of DHF Capital S.A., told Reuters.
Nearly all economists surveyed by news agency expect the Fed to leave interest rates unchanged this month as policymakers have signal patience.
Still, traders put the likelihood of another rate hike later this year at around 85% as inflation remains well above the central bank’s 2% target, according to Bloomberg. Higher interest rates tend to weigh on gold as the metal does not pay interest.