A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices plunged from its historic peak on Monday morning as global rates fell.
Saigon Jewelry Company gold bar price dropped to VND123.9 million (US$4,724.32) per tael, down 0.4% from the all-time high of VND124.4 million hit last Friday.
Gold ring price slid 0.33% to VND119.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold slipped on Monday as signs of easing geopolitical risks weighed on its safe-haven demand, with markets now focused on upcoming U.S. inflation data that could offer insight into the Federal Reserve’s interest rate outlook, Reuters reported.
Spot gold fell 0.7% to $3,376.67 per ounce after hitting its highest since July 23 on Friday. U.S. gold futures for December delivery dropped 1.5% to $3,439.70.
“Cooling geopolitical tensions surrounding the war in Ukraine saw gold fall further, following Friday’s announcement that President Donald Trump will meet with Vladimir Putin on the U.S. soil,” City Index senior analyst Matt Simpson said.
“A hot print could further strengthen the dollar and cap gains on gold, though I suspect support will remain in place overall as investors seek to scoop up discounts,” Simpson said.
Non-yielding gold thrives in a low-interest rate environment.
