Vietnam’s gold prices fell on Wednesday while global bullion rates were mostly firm.
Saigon Gold Jewelry Company gold bar price dropped 0.69% to VND143.3 million (US$5,533.89) per tael.
Gold ring price declined by roughly the same rate to VND142.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices held firm on Wednesday as investors braced for US consumer price index data due later in the day for clues on the Federal Reserve’s latest monetary policy stance, Reuters reported.
Spot gold held its ground at $4,165.25 per ounce. U.S. gold futures for December delivery edged 0.3% higher to $4,188.70.
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Gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
“What we’re looking at here is not a big move, it’s within a range. But the fact that we are able to hold a range while oil is rallying suggests that gold is trying to find a reason to rally,” said Ilya Spivak, head of global macro at Tastylive.
If upcoming consumer price index data, producer price index data and retail sales data point to weaker economic momentum, markets may scale back expectations for further Fed rate hikes this year, providing a bullish catalyst for gold, Spivak added.