Vietnam gold prices continued to fall on Monday afternoon after losing 0.2% earlier in the session.
Saigon Jewelry Company gold bar price dropped 0.82% from the morning to VND146 million (US$5,552.39) per tael, bringing losses for the day to around 1%.
Gold ring price also slipped 1% for the day to VND145 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices held steady on Monday as investors assessed the impact of the U.S.-Iran conflict’s developments on oil prices, while U.S. Federal Reserve policymakers signaled that interest rate increases may be needed to curb inflationary pressure.
Spot gold hovered at $4,018.75 per ounce. U.S. gold futures for August delivery gained 0.1% to $4,023.20.
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A person holds gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
“Gold remains negatively correlated to oil prices, with market participants closely tracking developments in the Middle East,” UBS analyst Giovanni Staunovo said, as quoted by Reuters.
“We expect a weaker dollar to support gold prices in 6-12 months, with the yellow metal expected to move again above the $5,000/oz mark.”
Sourcee.vnexpress.net
