Vietnam Gold Prices Plummet as Global Rates Recover

Vietnam's gold prices have taken a hit, falling to near two-week lows on Thursday morning. The drop is reflected in the prices of Saigon Jewelry Company's gold bar and gold ring, which decreased by 0.87% and 0.4%, respectively.

According to VnExpress/Giang Huy, the price of Saigon Jewelry Company's gold bar dropped to VND147.4 million (US$5,646.43) per tael, while the price of their gold ring added 0.4% to VND149.3 million per tael.

Interestingly, global gold prices have been recovering from a near one-month low and rose 0.97% to $4,429.40 per ounce.

David Meger, director of metals trading at High Ridge Futures, attributes the recovery in part to a slight drop in yields on Wednesday, which allowed gold to bounce back from recent lows.