Vietnam Gold Prices Plummet Amid Fed Hike Expectations
Gold prices in Vietnam dropped on Tuesday morning, following a decline in global gold prices the previous day. The Saigon Jewelry Company's gold bar price fell by 0.21% to VND145.3 million per tael, which is equivalent to US$5,586.10. A tael measures 37.5 grams or 1.2 ounces.
The company's gold ring price also declined by 0.2% to VND146.5 million per tael. So far this year, gold prices have fallen by 4.91%. In contrast, globally, gold prices rose by 0.10% to $4,302.70 per ounce.
The increase in global gold prices was attributed to a rally in oil prices and stronger-than-expected inflation data, which boosted expectations of a rate hike at the U.S. Federal Reserve's policy meeting this week. According to the CME FedWatch Tool, traders are pricing in about a 93% chance of a rate hike.