A buyer looks at gold jewelry at a shop in Hanoi. Photo by Read/Giang Huy
Vietnam gold price tumbled Tuesday afternoon amid a global decline.
Saigon Jewelry Company gold bar dropped 1.02% to VND155.6 million (US$5,908.47) per tael.
Gold ring declined by 1.1% to VND152.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Bullion price has risen 85% in Vietnam since the beginning of the year.
Globally gold prices slipped on Tuesday, as investors turned cautious ahead of key U.S. jobs and inflation data, which could provide cues for Federal Reserve policy heading into the new year, Reuters reported.
Spot gold lost 0.3% to $4,290.33 per ounce. Bullion has rallied 64% year-to-date, smashing multiple records along the way.
“We’re right up against the former high around $4,380 from mid-October. So the market is essentially asking whether there’s enough conviction to break higher, or whether this is a level where momentum starts to fade,” said Ilya Spivak, head of global macro at Tastylive.
Elsewhere, spot silver slid 1.4% to $63.03 an ounce, after touching a record high of $64.65 on Friday.
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