Saigon Jewelry Company gold bar price plunged 3.17% from the morning to VND143.8 million (US$5,458.13) per tael, extending losses for the day to 4.26%. A tael equals 37.5 grams or 1.2 ounces.
Bullion has dropped nearly 25% from its peak in January and is down 5.9% so far this year.
The gap between local and global bullion rates has narrowed to around VND7.3 million per tael from VND11 million in the morning.
Gold ring price also saw another 3.17% slide to VND143.6 million per tael after earlier losing 1.13%.
Globally, gold extended its decline on Monday after Israel and Iran exchanged missile attacks, raising concerns over a fragile ceasefire and dampening hopes of an end to the conflict that has unsettled global markets.
Spot gold was down 0.3% at $4,315.71 per ounce after falling to its lowest since March 23 earlier in the session. U.S. gold futures for August delivery were down 0.6% at $4,341.10, according to Reuters.
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A person arranges jewelry at a store in Ho Chi Minh City. Photo by VnExpress/Thanh Tung |
Oil prices climbed more than $4 a barrel, deepening concerns over inflation and rate hikes. While gold is seen as a hedge against inflation, higher interest rates tend to weigh on the non-yielding metal.
The yield on the benchmark 10-year U.S. Treasury note climbed after reaching a two-week high in the previous session, raising the opportunity cost of holding non-yielding bullion.
Key issues concerning the conflict in the Middle East are “unresolved,” according to Rhona O’Connell, head of market analysis at StoneX Group.
“Our belief in a downward bias is, so far, being vindicated, but we are keeping our eyes open for any bargain hunting,” she said in a note cited by Bloomberg.
Source:e.vnexpress.net
