Vietnam gold bar price fell Tuesday morning to the lowest since Oct. 14, despite a slight gain on global markets.
Saigon Jewelry Company gold bar declined by 0.81% to VND147.2 million (US$5,595.88) per tael.
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Gold jewelry seen at a shop in Hanoi. Photo by VnExpress/Giang Huy |
Gold ring dropped 0.41% to VND145.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Bullion has risen 75% since the beginning of the year. It has fallen 3.8% from a historic peak on Oct. 17.
Globally gold prices regained some lost ground on Tuesday, rising above the $4,000-per-ounce level as a weaker dollar and expectations of further Federal Reserve rate cuts outweighed pressure from signs of a thaw in U.S.-China trade tensions, Reuters reported.
Spot gold was up 0.7% at $4,009.39 per ounce, after dropping more than 3% on Monday to its lowest level since October 10. U.S. gold futures for December delivery rose 0.1% to $4,022.10 per ounce.
“Buyers who were waiting on the sidelines for gold are now being tempted into taking positions at these price levels. Also, we are seeing a bit of softness from the dollar, which is giving gold a reprieve,” said KCM Trade Chief Market Analyst Tim Waterer.
The dollar index was down 0.1% against its rivals, making gold less expensive for other currency holders.
