Vietnam’s gold prices fell on Wednesday morning amid a slide in global bullion rates.
Saigon Jewelry Company gold bar price dropped 0.32% to VND157 million (US$5,960.5) per tael.
Gold ring price slipped by roughly the same rate to VND156.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices slipped on Wednesday, as renewed hostilities in the Middle East pushed crude oil prices higher, cementing fears that interest rates would stay higher for longer to tame inflation, Reuters reported.
Spot gold fell 0.2% to $4,476.50 per ounce. U.S. gold futures for August delivery fell 0.3% to $4,504.40.
A person holds gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
Gulf hostilities flared anew on Wednesday, with the U.S. military saying Iranian missile attacks on Bahrain, Kuwait and other regional targets were either thwarted or failed as diplomacy between Washington and Tehran showed little progress.
Oil prices rose more than 1% in early trade on Wednesday, deepening concerns over inflation and interest rate hikes, which weigh on non-yielding gold.
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