A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold price Saturday morning fell to the lowest since March 27 after reaching new records earlier this week.
Saigon Jewelry Company gold bar plunged 1.19% to VND100.1 million (US$3,879.09) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring price also fell by the same rate to around VND100 million.
Globally gold fell more than 3% on Friday, erasing gains from earlier in the week, as investors sold off bullion to cover their losses from a wider market meltdown as an intensifying trade war sparked concerns of a global recession, Reuters reported.
Spot gold was down 2.9% at $3,024.2 an ounce after hitting a session low of $3,015.29 earlier in the session. It hit a record high of $3,167.57 on Thursday. For the week, gold was down 1.9%.
“We tend to see gold as a liquid asset being used to meet margin calls elsewhere, so it’s not unusual for gold to sell off after a risk event given the role that it can play in a portfolio,” said Suki Cooper, an analyst at Standard Chartered.
“It’s behaving in line with the historical trends.”
