Vietnam Gold Prices Hit Six-Week Low Amid Global Decline

Vietnam's gold prices fell to their lowest level in nearly six weeks on Monday due to a decline in global bullion rates.

The Saigon Gold Jewelry Company reported that its gold bar price started the week at VND143.4 million (US$5,524) per tael, down 0.7% from the previous day and marking its lowest level since August 19.

The global gold market also experienced a significant drop, with spot gold falling by more than 2% to $4,198.10 per ounce, marking its biggest daily decline since September 1.

According to Tim Waterer, chief market analyst at KCM Trade, the high bond yields and rising oil prices are contributing to the decline in gold prices. He noted that investors will be watching for US labor market and inflation data this week, which could further impact gold prices if it shows stronger-than-expected inflation or employment numbers.