Gold jewelry seen at a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold price fell slightly Thursday morning as global rates showed little change.
Gold bar price dropped 0.57% to VND122 million (US$4,666.28) per tael.
Gold ring price declined by 0.42% to VND117.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Bullion price in Vietnam has risen nearly 45% since the beginning of the year.
Globally gold prices held steady on Thursday after a sharp drop in the previous session, as easing trade tensions dented demand for safe-haven assets, overshadowing support from a weaker dollar, Reuters reported.
Spot gold was flat at $3,387.15 per ounce, after dropping 1.3% in the previous session. U.S. gold futures eased 0.1% to $3,492.50.
“Yesterday, we saw gold prices seems like well might be building up for the next bullish run until the news came out on trade front, triggering some profit-taking,” said Brian Lan, managing director at GoldSilver Central, Singapore.
“We’ve seen the dollar has also weakened quite a bit, and of course, this also supports gold. So, I think this is a small retracement at this moment. We are, in fact, still quite bullish on gold.”
