Saigon Jewelry Company gold bar dropped 0.33% from the morning to VND150 million (US$5,704.07) per tael, having lost 0.66% compared to Monday. A tael equals 37.5 grams or 1.2 ounces.
Gold ring has lost 0.33% since Monday to VND149.5 million per tael. Gold prices in Vietnam have fallen 1.83% so far this year.
Globally gold prices eased on Tuesday as the U.S. dollar and Treasury yields rose, with investors awaiting minutes of the U.S. Federal Reserve’s June meeting that are due Wednesday for insight into its monetary policy direction under new Chair Kevin Warsh, Reuters reported.
Spot gold fell 0.9% to $4,126.31 per ounce, while U.S. gold futures for August delivery eased 0.7% to $4,138.
Without clear market drivers and on thin liquidity, gold appears to be undoing some of its gains from the level it started trading Monday, according to Matt Simpson, a senior analyst at StoneX.
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A person holds gold bars in Hanoi. Photo by VnExpress/Giang Huy |
“It had a decent bounce last week, so it’s not out of the ordinary to retrace against some of that move at the start of this week,” said Simpson.
The dollar gained, making greenback-priced bullion more expensive for holders of other currencies, while yields on the benchmark 10-year U.S. Treasury note advanced to a two-week high.
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