Vietnam Gold Prices Plummet Amid Global Market Turmoil
Gold prices in Vietnam hit their lowest point since July 22 after plummeting by 3% on global markets. The Saigon Jewelry Company's gold bar price dropped to VND148.7 million (US$5,700.59) per tael, a 1% decrease.
A gold ring also dipped in value, falling 0.99% to VND149.7 million per tael. So far this year, Vietnam's gold prices have fallen by 2.68%.
The decline comes after global gold prices reversed course and fell over 3% on Friday following Federal Reserve Chairman Kevin Warsh's remarks on curbing inflationary pressure.
'Gold is getting slapped hard as Chair Warsh affirms that inflation isn't meaningfully slowing and the Fed has 'work to do,'' independent analyst Tai Wong said, predicting a coin flip in the market's reaction to the September meeting.