Saigon Jewelry Company gold bar price slid 0.33% to VND149.5 million (US$5,685.48) per tael.
It is down 2.16% from the start of the year and around VND17.8 million per tael higher than global rates.
Gold ring price similarly declined to VND149.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices wavered between gains and losses on Wednesday, as concerns around inflation and higher interest rates rose after fresh U.S. strikes on Iran lifted oil and the dollar ahead of the release of the Federal Reserve’s June meeting minutes, Reuters reported.
Spot gold rose 0.5% to $4,125.59 per ounce, after dropping to its lowest since July 2 earlier in the day. U.S. gold futures for August delivery shed 0.5% to $4,136.30.
A person holds gold jewelry at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
“Over the past 24 hours, there was a little bit of a scare again on the inflation front. So bonds came in lower, the dollar popped a little, gold pulled back, and now seems to be kind of stabilizing after that correction,” said Ilya Spivak, head of global macro at Tastylive.
Investors also awaited minutes of the Federal Open Market Committee’s June 16-17 meeting, due later today, for fresh clues on the interest rate path under Fed Chair Kevin Warsh.
While gold is seen as an inflation hedge, high interest rates tend to weigh on the non-yielding asset.
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