A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by Read/Quynh Tran
Gold ring price plunged 5.17% to VND84.4 million (US$3,320.87) per tael Thursday morning, following the tumble of the precious metal on the global market.
Gold bar price fell 1.69% to VND87.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold prices touched a more than three-week low on Thursday, as the dollar strengthened after Donald Trump’s win in the U.S. presidential election, while focus was also on the Federal Reserve’s interest rate decision later in the day, Reuters reported.
Spot gold fell 0.1% to $2,656.34 per ounce after hitting its lowest level since Oct. 15 earlier in the session.
Bullion hit a record high of $2,790.15 last week and has lost more than $130 since then.
Trump’s potential policy is inflationary and that could translate to slower cuts, which is a rather negative news for gold, but a widening U.S. budget deficit and reduced fiscal discipline will be positive, said Kelvin Wong, OANDA’s senior market analyst, Asia Pacific.
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