A person arranges gold jewelry at a store in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
Vietnam gold prices slipped Monday morning amid a drop in global bullion rates.
Saigon Jewelry Company gold bar price fell 0.8% to VND173.1 million (US$6,571.64) per tael. Other sellers adjusted their rates accordingly.
Local bullion prices are around VND25 million per tael higher than global rates.
Gold ring price simiarly slid to VND172.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices fell on Monday, pressured by a stronger dollar as elevated oil prices on the back of a protracted Iran war and stronger-than-expected U.S. jobs data dampened hopes for interest rate cuts by the Federal Reserve, Reuters reported.
Spot gold slipped 0.9% to $4,631.69 per ounce while U.S. gold futures for April delivery lost 0.5% to $4,657.50 in thin liquidity trade, with many markets in Asia and Europe closed for a holiday.
“The latest robust NFP (nonfarm payrolls) print has reinforced hawkish central bank nerves, while persistent oil-driven inflation fears continue to crowd out gold’s traditional safe-haven sparkle,” said Tim Waterer, chief market analyst, KCM Trade.
While gold is traditionally seen as a hedge against inflation, elevated interest rates tend to dampen demand for the non-yielding asset.
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