A person holds gold bars in a jewelry shop in Hanoi. Photo by VnExpress/Ngoc Thanh
Vietnam gold prices Saturday morning fell to the lowest since June 12 as the safe-haven metal plunged globally.
Saigon Jewelry Company gold bar declined by 0.42% to VND119.2 million (US$4,567.92) per tael.
Gold ring dropped 0.43% to VND116 million per tael.
Gold has risen 42% since the beginning of the year.
Globally gold fell 2% on Friday, hitting a near one-month low, after a U.S.-China trade agreement boosted risk appetite and diminished bullion’s appeal as a safe-haven asset, Reuters reported.
Spot gold eased 1.5% to $3,277.17 per, after dropping 2% to its lowest level since May 29 earlier in the session. Bullion was down for a second straight week, slipping 2.8% so far.
“The slowdown in geopolitics has offered an opportunity for investors to start taking profit because of the forward-looking prospects of some kind of kinetic war with China and the developments in the Middle East,” said Daniel Pavilonis, senior market strategist at RJO Futures.
A trade agreement between the U.S. and China on Thursday on how to expedite rare earth shipments to the U.S. was seen by markets as a positive sign. Following this, global shares rallied.
In the Middle East, the ceasefire agreement between Iran and Israel continues to hold following a few skirmishes at the start.
