A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices fell to the lowest in four months on Saturday morning as the precious metal headed for the lowest in two weeks globally.
Saigon Jewelry Company gold bar dropped 0.31% to VND161.5 million (US$6,125.55) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring prices went down 0.31% to VND161 million per tael. Gold prices in Vietnam have risen 5.7% so far this year.
Globally gold fell on Friday and was headed for its second straight weekly loss, pulled lower by rising oil prices that kept inflation concerns in focus and increased bets for a U.S. interest rate hike, Reuters reported.
Spot gold was down 0.6% at $4,515.83 per ounce, after falling 1% earlier in the session. It was down 0.4% for the week. U.S. gold futures for June delivery settled 0.4% lower at $4,523.20.
“Market participants are a bit like a rabbit in the headlights, fixed upon Hormuz and by association, disrupted supply chains across the board, which in turn is leading to inflationary fears and concerns about potential interest rate rises,” said StoneX analyst Rhona O’Connell, referring to the Strait of Hormuz oil shipping channel.
