Gold bar seen at a shop in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold prices fell slightly Thursday morning amid a modest increase of the precious metal on global markets.
Saigon Jewelry Company gold bar went down 0.20% to VND148.2 million (US$5,643.68) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring was steady at VND147.5 million per tael. Gold prices in Vietnam have fallen 3% so far this year.
Global gold futures rose a modest 0.35% to $4,066. However, after adjusting for the weaker U.S. dollar, underlying market activity suggested sellers outnumbered buyers, according to data platform Kitco.
Gold and the dollar were driven by a weaker-than-expected U.S. producer price index report released on Tuesday. Producer prices fell 0.30% month over month in June, while rising 5.50% from a year earlier, according to the U.S. Bureau of Labor Statistics.
From a technical perspective, gold remains capped below its 100-period moving average at around $4,077 and continues to trade within the broader descending channel that has been in place since the correction began. Immediate resistance is seen at $4,077, followed by $4,090.
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