Dollar Strength Sinks Vietnam's Gold Market by 7.4% This Year

Vietnam's gold market took a hit on Tuesday as the strengthening dollar weighed down the price of precious metals globally.

The Saigon Jewelry Company reported a 1.05% decrease in the value of gold bars, now priced at VND141.5 million (US$5,373.89) per tael, equivalent to 37.5 grams or 1.2 ounces.

Gold rings also plummeted, falling by 1.39% to VND142 million per tael. This year's decline in gold prices has been significant, with a total decrease of 7.4% so far.

The global market also saw gold depreciate, with spot gold experiencing a 0.7% drop on Tuesday to $4,044.81 per ounce. U.S. gold futures for August delivery dropped by 0.8% to $4,045.40.