Vietnamese gold bar prices dropped on Tuesday morning to their lowest level in almost four months, tracking a decline in global bullion markets.
Saigon Jewelry Company gold bar declined 0.78% to VND165 million per tael (US$6,267.59). A tael equals 37.5 grams or 1.2 ounces.
Gold ring fell 0.78% to VND164.5 million per tael. Gold prices in Vietnam have risen 8% so far this year.
Globally gold prices edged higher on Tuesday from a five-week low hit in the previous session, although gains were limited as elevated crude oil prices kept inflation fears alive and clouded the U.S. interest rate outlook.
Spot gold rose 0.3% to $4,533.40 per ounce, after a more than 2% drop on Monday. U.S. gold futures for June delivery inched 0.2% higher to $4,542.50.
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Gold bars seen at a store in HCMC. Photo by VnExpress/Quynh Tran |
“Prices seem to be digesting a bit after the return of the ‘war trade’ across markets sent gold lower Monday,” said Ilya Spivak, head of global macro at Tastylive.
The dollar rose and Brent crude hovered above $113 a barrel as the U.S. and Iran continued to work towards a truce while trading blows over the Strait of Hormuz.
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