Gold jewelry seen in a shop in HCMC. Photo by VnExpress/Quynh Tran
Vietnam gold prices fell Saturday morning to the lowest since Jan. 17, as the precious metal dropped on global markets.
Saigon Jewelry Company gold bar inched down 0.30% to VND163.5 million (US$6,203.76) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring fell 0.31% to VND163.3 million per tael. Gold prices in Vietnam have risen 7% so far this year.
Globally gold fell to a more than one-week low on Friday as U.S. Treasury yields and the dollar climbed, while heightening inflation concerns due to the Iran war reinforced bets for higher interest rates, Reuters reported.
Spot gold was down 2% at $4,557.61 per ounce after hitting its lowest level since May 4 earlier in the session. Prices were down 2.5% so far this week.
“There was a selloff across the (precious metals) for a couple of reasons. The dollar is quite strong today. We’re also seeing not just a U.S. increase, but a global increase in (bond) yield rates,” said Edward Meir, an analyst at Marex.
