Gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices fell Tuesday morning amid a decline of the precious metal on global markets.
Saigon Jewelry Company gold bar dropped 0.33% to VND150.5 million (US$5,722.21) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring was unchanged at VND150 million per tael. Gold prices in Vietnam have fallen 1.51% so far this year.
Globally gold prices fell 0.86% to $4,128.20 per ounce, driven by the weaker-than-expected U.S. non-farm payrolls data released last week, according to data news platform Trading Key.
The June nonfarm payrolls report came in well below market expectations, reinforcing signs that the labor market is losing momentum and reducing expectations that the Federal Reserve will continue raising interest rates.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, said he believes the price action in the gold market is shifting from liquidation to consolidation and base-building.
“The sector has moved from being aggressively bid to selectively accumulated, and the next move will likely depend on whether macro conditions continue to ease or once again turn hostile,” he said in his Monday note.
Comments are closed.