A person holds gold jewelry at a shop in HCMC. Photo by VnExpress/Quynh Tran
Vietnam gold prices on Tuesday afternoon fell 0.42% from the morning, but remained above Monday’s level.
Saigon Jewelry Company gold bar, as of 2.34 p.m., was sold at VND140.6 million (US$5,462.96) per tael, up 0.43% from Monday’s closing price.
Gold ring went down 0.14% to VND139.3 million per tael. Gold prices in Vietnam have fallen 8% so far this year.
Globally gold prices eased on Tuesday as renewed gains in oil prices fanned inflation concerns and reinforced expectations of higher interest rates, while investors awaited the outcome of U.S. midterm elections for clues on the broader market outlook, Reuters reported.
Spot gold fell 0.9% to $3,913.62 per ounce after surging more than 2% on Monday to rebound from a one-year low hit on Friday. U.S. gold futures for December delivery dropped 1.2% to $3,923.00.
“Gold’s recovery efforts have been somewhat curtailed by oil’s rebound as risk premium returns to the market. For gold to properly turn the corner, it will likely need a convincing push back above $4,000,” said Tim Waterer, chief market analyst at KCM Trade.