A person holds gold bars in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold prices on Saturday morning continued its decline, hitting the lowest since Nov. 21 last year.
Saigon Jewelry Company gold bar went down 1.83% to VND150.2 million (US$5,704.55) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring fell 1.96% to VND150 million per tael. Gold prices in Vietnam have fallen almost 21% since its historic peak at the end of January.
Globally gold fell about 3% on Friday after a stronger-than-expected U.S. jobs report reinforced expectations that the Federal Reserve will keep interest rates higher for longer amid inflation concerns fuelled by the war in the Middle East, Reuters reported.
Spot gold was down 2.96% at $4,341.52 per ounce, after falling to its lowest level since March 24 earlier in the session. Bullion was down about 4.3% this week.
Although gold is seen as an inflation hedge, higher rates tend to weigh on the metal. Markets are currently pricing about a 72% chance of a Fed rate hike in December, according to CME Group’s FedWatch tool, compared to about 50% before the jobs data.
Source:e.vnexpress.net
