A person holds gold rings at a store in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold bar price dropped 0.46% to VND86.4 million (US$3,403.92) per tael Tuesday morning.
Gold ring price dropped 0.46% to VND86.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally spot gold went up 0.25% to $2,669.20 per ounce, after dipping on Monday as the U.S. dollar soared to an over two-year high after a robust jobs report last week cemented expectations the Federal Reserve will proceed with caution with cutting interest rates this year, Reuters reported.
“We had a better-than-expected U.S. job report which strengthened the U.S. dollar and the Treasury yields… (Gold’s) move lower here is some follow-through on the stronger than expected report,” said Bob Haberkorn, senior market strategist at RJO Futures.
There is also some profit-taking after gold had a great week last week, Haberkorn added.
