A person holds gold bars in Hanoi. Photo by Read/Giang Huy
Vietnam gold prices fell Saturday morning as the precious metal closed the week lower on global markets.
Saigon Jewelry Company gold bar dropped 0.36% to VND137.5 million (US$5,344.89) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring was steady at VND138 million per tael. Gold prices in Vietnam have fallen 10% so far this year.
Gold firmed on Friday as a largely in-line U.S. inflation reading alleviated some bets on a bigger rate hike, but Thursday’s selloff to a more-than-a-year low kept bullion on track for a weekly decline, Reuters reported.
Spot gold ticked up 0.1% at $3,879.71 per ounce, after briefly touching a session high of $3,922.97 when the U.S. Producer Price Index data came out.
Bullion has shed about 4.5% so far this week and is poised to log its worst week since early June.
“It’s been a tough week for gold, which may struggle to retake 4,000 with Fed hawks out in force,” independent analyst Tai Wong said.