A person holds gold bars in a shop in HCMC. Photo by Read/Quynh Tran
Vietnam gold prices fell Tuesday afternoon after staying steady for three days as global prices of the precious metel dropped amid a stronger U.S. dollar.
Saigon Jewelry Company gold bar dropped 0.42% to VND142.9 million (US$5,497.21) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring declined 0.14% to VND143.1 million per tael. Gold prices in Vietnam have fallen 6.5% so far this year.
Globally gold prices eased on Tuesday, pressured by a firmer U.S. dollar and elevated Treasury yields, although losses were limited by easing expectations of a Federal Reserve interest rate hike this month, Reuters reported.
Spot gold slipped 0.3% to $4,127.87 per ounce. U.S. gold futures were little changed at $4,155.30.
The dollar held firm, making greenback-denominated commodities more expensive for holders of other currencies.
“Fundamentals remain supportive of gold in the long term. The next big catalyst is likely to stem from geopolitical risk in the Middle East,” said Kyle Rodda, senior financial market analyst at Capital.com.
“Alternatively, a significant change in U.S. rate expectations could provide an impetus for the next break-out, so every piece of price data will be important.”