Gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam’s gold prices fell on Wednesday afternoon following an uptick earlier in the session.
Saigon Jewelry Company gold bar price slid to VND151.3 million (US$5,747.72) per tael, down 0.13% for the day after gaining 0.2% in the morning. Local bullion rates are around VND13 million per tael higher than global prices.
Gold ring price also declined by 0.13% to VND151.2 million per tael on Wednesday. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices were mostly stable on Wednesday as investors turned their attention to the Federal Reserve’s first policy decision under new chair Kevin Warsh and further details surrounding the U.S.-Iran peace agreement.
Spot gold was little changed at $4,323.50 per ounce after gaining more than 6% in the previous four sessions.
U.S. President Donald Trump said the Strait of Hormuz could fully reopen by Friday, although some European allies remained cautious about potential risks.
Markets were also focused on the Fed’s policy decision later in the day, seeking clues on how Warsh may handle inflation risk. Market expectations are for rates to be kept on hold, according to Bloomberg.
“Following the breach of the key technical support at the 200-day moving average, gold price action remains fragile in the near term,” analysts at Standard Chartered said in a note cited by Reuters.
“However, the easing of imminent liquidity needs following the announcement of the US-Iran Memorandum of Understanding bodes well for gold finding a price floor sooner rather than later.”
Source:e.vnexpress.net
