A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold price plunged Saturday morning after shooting up to a new record Friday.
Saigon Jewelry Company gold bar dropped 4.2% to VND115 million (US$4,445.31) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring fell 0.85% to VND116 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally spot gold was down 0.44% to $3,327.00.
Citi Research on Thursday raised its gold price target for the next three months to $3,500 per ounce from $3,200, driven by fresh gold buying from Chinese insurers and safe-haven flows amid tariff risks and market weakness.
“We think gold is likely to be in an extremely rare physical deficit at present, meaning prices need to rise in order to get stockholders to sell to clear the market,” analysts at Citi said in a note.
