A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
Vietnam’s gold price fell Tuesday afternoon as bullion declined globally.
Saigon Jewelry Company gold bar dropped 0.52% to VND153.7 million (US$5,830.81) per tael.
Gold ring declined by 0.46% to VND152 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Bullion price in Vietnam has risen 83% since the beginning of the year.
Globally gold edged down on Tuesday as investors, having mostly priced in a Federal Reserve rate cut, looked ahead for clues that the U.S. central bank might opt for a gentler-than-expected easing cycle when its two-day policy meeting begins later in the day, Reuters reported.
Spot gold was down 0.3% to $4,174.91 per ounce. U.S. gold futures for December delivery slipped 0.4% to $4,202.70 per ounce.
Meanwhile, silver fell 0.6% to $57.76 per ounce. The white metal hit a record high of $59.32 on Friday.
“Right now, silver is more of a higher-beta play among precious metals,” Wong said, adding that low inventories, strong industrial demand, and expectations of Fed rate cuts are driving its momentum, pushing it into risk-on mode and outperforming gold.
