Gold jewelry seen in a shop in HCMC. Photo by Read/Quynh Tran
Vietnam gold prices fell Thursday morning amid a drop in global rates as investors took profits.
Saigon Jewelry Company gold bar dropped 0.43% to VND162.8 million (US$6,197.06) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring declined 0.44% to VND159.7 million per tael. Gold price in Vietnam has risen 88% year-on-year.
Globally gold slipped as investors booked profits after three consecutive sessions of record highs, while an apparent softer tone from U.S. President Donald Trump on the Federal Reserve chair and Iran dampened safe-haven demand for bullion, Reuters reported.
Spot gold was down 0.8% at $4,584.03 per ounce. In the previous session, bullion hit a record high of $4,642.72.
“Today, we’re seeing that gold is down a bit after U.S. President Donald Trump said maybe we’re not going to intervene in Iran, staving off safe-haven demand (in the short run), but the larger story (of the metal’s rise) is not going away,” said Ilya Spivak, head of global macro at Tastylive.
Later in the day, investor focus will be on U.S. weekly jobless claims for the first week of January to assess labor market conditions for more clues on monetary policy. Traders continue to anticipate two interest rate cuts this year.
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