A person holds gold rings in a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold prices drop Thursday afternoon, ending a three-day gain streak.
Saigon Jewelry Company gold bar declined 0.57% to VND157.2 million (US$5,985.26) per tael.
Gold ring dropped 0.13% to VND154.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold fell 0.4% to $4,435.62 per ounce Thursday, pressured by a firm dollar, as investors geared up for a key U.S. jobs report later this week to gauge the Federal Reserve’s policy path and assess U.S. pressure on Venezuela, Reuters reported.
“Traders are weighing heightened geopolitical tensions, including U.S. intervention in Venezuela … against macroeconomic signals from the United States,” said Bernard Sin, regional director- Greater China, MKS PAMP.
Bullion is about $110 away from the record high of $4,549.71 hit on December 29, with gains curbed by a firm dollar and profit-taking.
The dollar held steady near a more than two-week high amid market positioning around several U.S. labour market data releases this week.
