A person holds gold bar at a shop in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold prices plunged Saturday to the lowest since Feb. 14, driven by a slip in global rates.
Saigon Jewelry Company gold bar fell 1.19% to VND182.6 million (US$6,944.57) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring price declined 1.19% to VND182.3 million per tael. Gold prices in Vietnam have risen 19.5% so far this year.
Globally gold prices slipped on Friday and were on track for a second consecutive weekly decline, pressured by a stronger dollar and inflation worries driven by the Iran conflict, which weighed on rate‑cut expectations, Reuters reported.
Spot gold fell 0.5% to $5,052.15 per ounce, and was down over 2% for the week so far.
“While the market remains strongly bullish gold long term on asset allocation drivers, bullion is grinding towards lows since the Iran conflict started with the dollar at nearly four-month highs,” said Tai Wong, an independent metals trader.
Comments are closed.