Vietnam Gold Prices Slip with Global Bullion Rates

Vietnam's gold prices fell on Friday, mirroring a decline in global bullion rates. According to Saigon Jewelry Company, gold bars slipped by 0.69% to VND143.3 million (US$5,490.21) per tael, following a weekly loss of 0.49%. The price of gold rings also decreased by 0.7% to VND142.8 million per tael.

Locally, prices are around VND6.3 million higher than global rates. Globally, spot gold was down 0.5% at $4,326.75 per ounce, and U.S. gold futures for December delivery slid nearly 1% to $4,382.50.

Ilya Spivak, head of global macro at Tastylive, attributed the decline in part to investors locking in profits after a surge in bullion driven by mild U.S. inflation data and reduced expectations of a Federal Reserve rate hike.