Vietnam Gold Prices Fall Amid Global Market Downturn

Gold prices in Vietnam declined on Saturday morning following a global market trend. The Saigon Jewelry Company's gold bar fell by 0.67% to VND147.6 million (US$5,663.85) per tael, where one tael is equivalent to 37.5 grams or 1.2 ounces.

A gold ring also dropped in price by 0.66% to VND149.5 million per tael. This year's decline in gold prices has reached 3.4%. Globally, the precious metal had already fallen on Friday and was on track for a weekly loss after strong US jobs data raised expectations that the Federal Reserve could increase interest rates as soon as this month.

The news from Reuters reported that spot gold slipped by 1.2% to $4,419.09 per ounce, putting it in line for a mild weekly decline. After the data release, bullion fell over 2% to an intraday low of $4,364.99 per ounce.