Vietnam gold prices declined Wednesday morning as global bullion rates fell.
Saigon Jewelry Company gold bar price slipped 0.4% to VND146.4 million (US$5,574.56) per tael.
Gold ring price saw a similar drop to VND146.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices fell on Wednesday after hitting a seven-month low in the previous session, pressured by higher Treasury yields, while fading prospects of a permanent U.S.-Iran peace deal kept concerns over inflation and Federal Reserve rate hikes elevated, Reuters reported.
Spot gold was down 0.7% at $3,979.41 per ounce. In the previous session, bullion slipped to $3,942.99 per ounce, its lowest point since last November. U.S. gold futures for August delivery lost 1.1% to $3,992.70 on Wednesday.
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Gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
Bullion recorded its largest quarterly drop since 2013 on Tuesday, and fell for a fourth consecutive month in June, as tensions in the Middle East heightened inflation concerns and bolstered Fed rate-hike expectations.
“It looks like the pressure from higher yields is what’s getting gold lower. The U.S. dollar is also a touch higher at the same time, which kind of confirms what’s going on,” said Ilya Spivak, head of global macro at Tastylive.
