A person holds gold bars in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold prices fell Tuesday morning, hovering at early January levels after trending downward over the past two months.
Saigon Jewelry Company gold bar went down 0.63% to VND157.5 million (US$5,981.65) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring also dropped 0.63% to VND157.3 million per tael. Gold prices in Vietnam have fallen almost 18% from the historic peak of VND191.3 million established on Jan. 29.
Globally gold held steady on Tuesday as investors parsed a partial ceasefire between Hezbollah and Israel and awaited further details on the status of U.S.-Iran talks amid conflicting news, Reuters reported.
Spot gold was steady at $4,481.53 per ounce. U.S. gold futures for August delivery gained 0.1% to $4,511.20.
“At the start of this week, there was a lot of expectation that maybe we’d get a 60-day extension to the ceasefire over the weekend. Instead, it looks like both sides have kind of dug into their red lines and we still don’t have a deal,” said Ilya Spivak, head of global macro at Tastylive.
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