Vietnam Gold Prices Plummet Amid Global Decline
Gold prices in Vietnam declined on Friday morning as global rates fell and were headed for a 3% weekly drop.
The Saigon Gold Jewelry Company's gold bar price dropped by 0.14% to VND144.1 million (US$5,543.37) per tael, while the gold ring price slipped to VND143.6 million per tael.
A tael is equivalent to 37.5 grams or 1.2 ounces.
Globally, spot gold fell by 0.6% to $4,154.78 per ounce and was down more than 3% for the week so far.
US gold futures also lost 0.4% to $4,184.00.
The decline in gold prices is attributed to a firmer US dollar and elevated Treasury yields, according to Reuters.
Market participants are watching US interest rate expectations and geopolitical developments in the Middle East, said Kyle Rodda, senior financial market analyst at Capital.com.