A person holds gold bars in Hanoi. Photo by Read/Giang Huy
Vietnam gold prices fell Thursday morning, hitting the lowest since Aug. 22, while global rates continued its recovery.
Saigon Jewelry Company gold bar went down 0.87% to VND147.4 million (US$5,646.43) per tael.
Gold ring added 0.4% to VND149.3 million per tael. Gold prices in Vietnam have fallen 3.53% so far this year.
Globally gold continued to recover from a near one-month low, rising 0.97% to $4,429.40 per ounce.
“One of the reasons that gold has been able to move back above unchanged is we have seen a little tick down in yields [on Wednesday] and that has allowed gold to bounce off some of the recent lows,” said David Meger, director of metals trading at High Ridge Futures.
“Clearly, the energy complex and yields remain a major focus for the gold market moving forward.”
U.S. private payroll growth came in below expectations in August, but gold prices remained largely unmoved as investors looked ahead to Friday’s nonfarm payrolls report.
Traders are now pricing in a 64% chance of an interest rate hike at the central bank’s policy meeting this month, the CME FedWatch Tool showed.
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