Gold jewelry on display at a shop in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold prices fell from their peak Wednesday morning as global bullion rates stood near a three-week low.
Saigon Jewelry Company gold bar slipped to VND124.8 million (US$4,740.10) per tael, down 0.16% from the record VND125 million reached on Monday.
Gold ring price went down 0.17% to VND119.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices hit their lower level in nearly three weeks on Wednesday as the dollar firmed, while investors awaited the Federal Reserve’s Jackson Hole symposium later this week for clues on the path for monetary policy, Reuters reported.
Spot gold was down 0.1% at $3,313.51 per ounce after reaching its lowest level since Aug. 1. Meanwhile, U.S. gold futures for December delivery fell 0.1% to $3,355.50.
A stronger dollar and improving risk appetite from recent geopolitical developments are weighing on gold prices, with markets looking out for Fed Chair Jerome Powell’s speech in Jackson Hole on Friday, OANDA senior market analyst Kelvin Wong said.
Minutes of the Fed’s July meeting, due later in the day, are anticipated to offer further insights into the central bank’s policy stance.
U.S. President Donald Trump ruled out deploying ground troops to Ukraine on Tuesday but suggested air support could be part of a deal to end conflicts in the region.
Gold typically performs well in a low-interest-rate environment and amid heightened uncertainties.
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