
A person holds gold bars in a jewelry shop in Hanoi. Photo by VnExpress/Quynh Tran
Vietnam gold prices fell marginally Tuesday morning despite a slight global gain.
Saigon Jewelry Company gold bar declined by 0.33% to VND121.1 million (US$4,633.63) per tael.
Gold ring was steady at VND118.2 million per tael.
Gold has risen 43.8% so far this year.
Globally gold inched higher on Tuesday, ahead of the release of U.S. inflation data later in the day that could shed more light on the Federal Reserve’s interest rate path, Reuters reported.
Spot gold was up 0.1% at $3,346.94 per ounce. Gold futures were flat at $3,355.60.
“Gold has shown in the past that it is an asset of choice when tariff tensions are ratcheted up, and the precious metal’s move towards $3,350 is evidence of this pattern playing out again,” KCM Trade Chief Market Analyst Tim Waterer told Reuters.
“However, higher treasury yields and USD appreciation have created headwinds… For gold to make further progress towards $3,400 a pullback in the USD or treasury yields may be required in the absence of heightened geopolitical events.”
U.S. President Donald Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on Aug. 1, after weeks of negotiations with the major U.S. trading partners failed to reach a trade deal.