Vietnam Gold Prices Sink to Six-Week Low Amid Oil Price Surge and Fed Hike Anticipation
Gold prices have plummeted to a six-week low in Vietnam, marking their lowest level since June 11. The Saigon Jewelry Company reported a drop of 1.41% in the price of their gold bars, bringing the price to VND140 million, or US$5,321.37, per tael. This decline represents a total decrease of 4.11% since Wednesday's close.
Gold prices have been trending downward throughout the year, with an overall fall of 8.4%. Internationally, spot gold fell by 0.6%, bringing the price to $4,103.39 per ounce. This decline comes after spot gold reached its highest value since July 7th at $4,165.87 on Wednesday.
Jigar Trivedi, a senior research analyst at IndusInd Securities, attributed the changes in the gold market to various causes. He explained that 'Rising oil prices have contributed to escalating inflation and the anticipation of Fed rate hikes. Consequently, these factors have limited the positive momentum in the gold market as the dollar weakens.'