A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold price continued to fall Saturday morning after securing several new highs this week.
Saigon Jewelry Company gold bar declined by 0.31% to VND97.4 million (US$3,803.95) per tael.
It has dropped nearly 3% from the VND100.4 million historic peak on Thursday.
Gold ring price has fallen 2.4% in the same period to VND98.3 million per tael.
Globally gold fell 1% on Friday due to a stronger dollar and profit-taking, although lingering geopolitical and economic uncertainties, and U.S. Federal Reserve rate cut prospects kept bullion on track for a third consecutive weekly rise, Reuters reported.
Spot gold was down 1% at $3,015.43 an ounce. U.S. gold futures settled 0.7% lower at $3,021.40. Bullion has gained 1% so far this week.
Gold, traditionally viewed as a safe-haven investment during times of geopolitical and economic uncertainty, and typically thriving in a low-interest-rate environment, has hit 16 record highs this year, reaching an all-time peak of $3,057.21 per ounce on Thursday.
“The market is taking a bit of a breather. There’s some profit-taking at these levels and also the dollar is stronger today,” said Marex analyst Edward Meir.
“Ongoing safe-haven demand, both based on trade concerns and geopolitical risks, continues to be the primary driving force,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
