Gold rings seen in a shop in Hanoi. Photo by Read/Giang Huy
Vietnam gold prices fell Tuesday morning as global rates cool after reaching a near three-week peak.
Saigon Jewelry Company gold bar dropped 0.21% to VND140.9 million (US$5,508.43) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring was steady at VND141 million per tael. Gold prices in Vietnam have fallen 7.8% so far this year.
Globally gold slipped 0.71% to $4,4110.40 per ounce after hitting the highest in nearly three weeks on Monday.
Bullion gained around 5% last week as Democrats won control of both chambers of Congress in the US midterm elections, a result that raised hopes for an end to the war with Iran, Reuters reported.
However, prices eased after stronger-than-expected U.S. payrolls data on Friday reinforced expectations that the Fed could keep rates higher for longer.
China’s central bank added about 25.8 metric tons of gold to its reserves in October, the largest monthly purchase in three years, according to World Gold Council data.